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