In Response to Trump’s Blatant Meme Coin and Stablecoin Corruption, Rep. Ritchie Torres Introduces Bill to Stop Presidential Profiteering From Crypto

May 08, 2025
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Today, Congressman Ritchie Torres (NY-15) introduced the “Stop Presidential Profiteering from Digital Assets Act” into the U.S. House of Representatives.

The legislation:

  • Prohibits the issuance, marketing, or sale of digital assets using the name, image, likeness, or identifiable traits of federal officials, including the President, Vice President, Members of Congress, Senate-confirmed officials, and their immediate family members when such activity results in financial gain.
  • Establishes exclusive enforcement authority within the Securities and Exchange Commission (SEC), including the power to impose civil penalties of up to $250,000 per violation or the full amount of profits obtained, whichever is greater.
  • Requires the SEC to issue implementing regulations within 180 days of the bill’s enactment.
  • Includes a critical clause that rejects consent as a defense, meaning that even if a public official voluntarily endorses a digital asset project involving their image, it remains a violation if profit is derived.

The bill specifies (full PDF attached here):

“For the purposes of this Act:

(1) Digital asset means a digital representation of value that is recorded on a cryptographically secured distributed ledger or any similar technology, including but not limited to, cryptocurrencies, stablecoins, and meme coins.

(2) Covered individual means:

(A) The President or Vice President of the United States;

(B) Members of Congress;

(C) Any federal officer or official confirmed by the Senate;

(D) Any immediate family member of such individuals.

(3) Immediate family member includes a spouse, child, or other relative residing in the same household.

(4) Identifiable traits include name, image, likeness, signature, slogans, or other personally distinguishing characteristics.”

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