US Government Officials Face Cryptocurrency Trading Ban Under New Bill

A new bill in the US House of Representatives aims to separate top government officials from the crypto market. The Stop TRUMP Crypto Act, introduced by Rep. Maxine Waters, would prohibit the President, Vice President, Members of Congress, and their immediate families from owning or trading digital assets while in office.

The bill targets not only cryptocurrencies but also any 'financial contracts, products, or instruments that derive their value from a digital asset.'

Restrictions would extend to derivative products built around them, closing off potential workarounds. Covered officials and their families would be barred from holding controlling stakes in digital assets, serving as officers or owners of asset issuers, issuing or promoting digital assets, and trading based on material non-public information.

The bill would also prohibit indirect engagement through intermediaries like trusts or corporations or any other arrangements concealing beneficial ownership or control. Individuals found to violate the Stop TRUMP in Crypto Act could face fines and imprisonment.