S. 2143

119 S2143 IS: Curbing Officials' Income and Nondisclosure (COIN) Act
 U.S. Senate
 2025-06-23
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 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  1st Session  S. 2143  IN THE SENATE OF THE UNITED STATES   June 23, 2025   Mr. Schiff  (for himself,  Ms. Blunt Rochester ,  Ms. Cortez Masto ,  Mr. Gallego ,  Mrs. Gillibrand ,  Mr. Luján ,  Ms. Slotkin ,  Mr. Kim ,  Mr. Blumenthal , and  Ms. Alsobrooks ) introduced the following bill; which was read twice and referred to the  Committee on Homeland Security and Governmental Affairs    A BILL
To amend  chapter 131  of title 5, United States Code, to prevent financial exploitation by public office holders, and for other purposes.
1.
Short title
This Act may be cited as the   Curbing Officials' Income and Nondisclosure (COIN) Act  .
2.
Prohibited financial transactions
(a)
In general
 Chapter 131  of title 5, United States Code, is amended by adding at the end the following:
IV
Financial exploitation by a public office holder
13151.
Definitions
In this subchapter:
(1)
Covered individual
The term  covered individual  means an individual described in section 13103(f).
(2)
Endorsement
The term  endorsement  includes the use of the name and likeness of an individual in any marketing materials relating to a financial interest described in subclauses (I) through (V) of paragraph (4)(A)(i), including in the title of the financial interest.
(3)
Immediate family member
The term  immediate family member  means, with respect to a covered individual—
(A)
a spouse, parent, brother or sister, or child (including a child age 18 or older) of that covered individual; or
(B)
an individual to whom the covered individual stands in loco parentis.
(4)
Prohibited financial transaction
(A)
In general
The term  prohibited financial transaction  means—
(i)
any issuance, sponsorship, or endorsement of—
(I)
a security (as defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) )) that is a digital asset;
(II)
a security future (as defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) )) relating to a digital asset;
(III)
a commodity (as defined in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a )) that is a digital asset;
(IV)
a cryptocurrency, meme coin, token, non-fungible token, or other digital asset that is sold for remuneration; or
(V)
a payment stablecoin;
(ii)
any financial interest comparable to an interest described in subclauses (I) through (V) of clause (i) that is acquired through synthetic means, such as the use of a derivative, including an option, warrant, or other similar means; or
(iii)
any financial interest comparable to an interest described in subclauses (I) through (V) of clause (i) that is acquired as part of an aggregation or compilation of such interests through a mutual fund, exchange-traded fund, or other similar means if such aggregation or compilation of such interests constitutes a significant portion of that mutual fund, exchange-traded fund, or other similar means, as determined by the Secretary of the Treasury.
(B)
Exclusions
The term  prohibited financial transaction  does not include the mere purchase, sale, holding, or other conduct relating to financial instruments or assets routinely accessible to any member of the public.
13152.
Prohibition on certain transactions
(a)
Prohibition
Except as provided in subsection (b), a covered individual, or an immediate family member of a covered individual, may not engage in a prohibited financial transaction—
(1)
during the term of service of the covered individual;
(2)
during the 180-day period ending on the date on which the service of the covered individual commences; or
(3)
during the 2-year period beginning on the date on which the service of the covered individual is terminated.
(b)
Acts affecting a personal financial interest
This section shall be supplementary in nature to section 208 of title 18, and nothing in this section shall be construed to limit the application of section 208 of title 18.
(c)
Liability and immunity
For purposes of any immunities to civil liability, any conduct relating to a prohibited financial transaction under this section shall be deemed an unofficial act and beyond the scope of the official duties of the relevant covered individual.
13153.
Civil penalties
(a)
Civil action
The Attorney General may bring a civil action in any appropriate district court of the United States against any covered individual, or the immediate family member of a covered individual, who violates section 13152(a).
(b)
Civil penalty
Any covered individual, or the immediate family member of a covered individual, who knowingly violates section 13152(a) shall be subject to a civil monetary penalty of—
(1)
not more than $25,000 per violation;
(2)
10 percent of the value of the financial interest that is the subject of the prohibited conduct; or
(3)
the amount of financial gain, if any, that the covered individual benefitted from relating to the prohibited conduct, whichever is greater.
(c)
Disgorgement
A covered individual, or the immediate family member of a covered individual, who is found to have violated section 13152(a) in a civil action under subsection (a) of this section shall disgorge to the Treasury of the United States any profit from the prohibited conduct that is the subject of that civil action.
  .
(b)
Clerical amendment
The table of sections for  chapter 131  of title 5, United States Code, is amended by adding at the end the following:
SUBCHAPTER IV—Financial exploitation by a public office
  holder
13151.
  Definitions.
13152.
  Prohibition on certain transactions.
13153.
  Civil penalties.
  .
3.
Criminal penalties relating to prohibited financial transactions
(a)
In general
 Chapter 11  of title 18, United States Code, is amended by inserting after  section 220  the following:
221.
Prohibited financial transactions
(a)
Definitions
In this section:
(1)
Covered individual
The term  covered individual  means an individual described in section 13103(f).
(2)
Endorsement
The term  endorsement  includes the use of the name and likeness of an individual in any marketing materials relating to a financial interest described in subclauses (I) through (V) of paragraph (3)(A)(i), including in the title of the financial interest.
(3)
Prohibited financial transaction
(A)
In general
The term  prohibited financial transaction  means—
(i)
any issuance, sponsorship, or endorsement of—
(I)
a security (as defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) )) that is a digital asset;
(II)
a security future (as defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) )) relating to a digital asset;
(III)
a commodity (as defined in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a )) that is a digital asset;
(IV)
a cryptocurrency, meme coin, token, non-fungible token, or other digital asset that is sold for remuneration; or
(V)
a payment stablecoin;
(ii)
any financial interest comparable to an interest described in subclauses (I) through (V) of clause (i) that is acquired through synthetic means, such as the use of a derivative, including an option, warrant, or other similar means; or
(iii)
any financial interest comparable to an interest described in subclauses (I) through (V) of clause (i) that is acquired as part of an aggregation or compilation of such interests through a mutual fund, exchange-traded fund, or other similar means if such aggregation or compilation of such interests constitutes a significant portion of that mutual fund, exchange-traded fund, or other similar means, as determined by the Secretary of the Treasury.
(B)
Exclusions
The term  prohibited financial transaction  does not include the mere purchase, sale, holding, or other conduct relating to financial instruments or assets routinely accessible to any member of the public.
(b)
Benefitting from prohibited financial transaction
Any covered individual who—
(1)
knowingly violates any provision of section 13152(a) of title 5; and
(2)
through such violation—
(A)
causes an aggregate loss of not less than $1,000,000 to 1 or more persons in the United States; or
(B)
benefits financially, through profit, gain, or advantage, directly or indirectly through any family member or business associate of the covered individual, from the sale, purchase, or distribution of the financial interest described in subsection (a)(3)(A)(i) issued, sponsored, or endorsed in violation of section 13152 of title 5,
  shall be
  fined under this title, imprisoned for not more than 5 years, or
  both.
(c)
Bribery
Any covered individual who—
(1)
knowingly violates any provision of section 13152(a) of title 5; and
(2)
directly or indirectly, corruptly demands, seeks, receives, accepts, or agrees to receive or accept any thing of value personally or for any other person or entity, in return for—
(A)
being influenced in the performance of any official act;
(B)
being influenced to commit or aid in committing, or to collude in, or allow, any fraud, or make opportunity for the commission of any fraud, on the United States; or
(C)
being induced to do or omit to do any act in violation of the official duty of such official or person,
  shall be
  fined under this title or not more than 3 times the monetary
  equivalent of the thing of value, whichever is greater, or
  imprisoned for not more than 15 years, or both, and may be
  disqualified from holding any office of honor, trust, or profit
  under the United States.
(d)
Insider trading
Any covered individual who knowingly violates section 13152(a) of title 5 and, in committing such violation, also knowingly violates the provisions of section 10(b) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78j(b) ) shall be fined under this title or not more than 3 times the amount of financial gain, if any, that the individual benefitted from relating to the prohibited conduct, whichever is greater, or imprisoned for not more than 15 years, or both, and may be disqualified from holding any office of honor, trust, or profit under the United States.
(e)
Intent
To incur criminal liability under this section, it shall not be required that a covered individual intended to create a financial interest described in subsection (a)(3)(A)(i) through the issuance, sponsorship or endorsement of the financial interest described in subsection (a)(3)(A)(i).
(f)
Liability and immunity
For purposes of any immunities to civil and criminal liability, any conduct relating to a prohibited financial transaction under this section shall be deemed an unofficial act and beyond the scope of official duties of the relevant covered individual.
  .
(b)
Clerical amendment
The table of sections for  chapter 11  of title 18, United States Code, is amended by inserting after the item relating to  section 220  the following:
221.
  Prohibited financial transactions.
  .
4.
Ethics requirements relating to cryptocurrencies and digital assets
(a)
Disclosure relating to cryptocurrencies
  and digital assets
Section 13104 of title 5, United States Code, is amended—
(1)
in subsection (a)—
(A)
in paragraph (5)(B), by inserting  cryptocurrencies, meme coins, tokens, non-fungible tokens, payment stablecoins, or other digital assets that are sold for remuneration,  after  commodities futures, ; and
(B)
by adding at the end the following:
(9)
Cryptocurrencies and digital assets
The identity and category of value of any cryptocurrency, meme coin, token, non-fungible token, payment stablecoin, or other digital asset that is sold for remuneration that has a fair market value that exceeds $1,000 as of the close of the preceding calendar year held by the reporting individual during the preceding calendar year.
  ;
(2)
in subsection (b)(1)(B), by striking  (3) and (4)  and inserting  (3), (4), and (9) ; and
(3)
in subsection (d)(1)—
(A)
in the paragraph heading, by striking  (3), (4), (5), and (8)  and inserting  (3), (4), (5), (8), and (9) ; and
(B)
in the matter preceding subparagraph (A), by striking  (3), (4), (5), and (8)  and inserting  (3), (4), (5), (8), and (9) .
(b)
Acts affecting a personal financial interest
Section 208 of title 18, United States Code, is amended by adding at the end the following:
(e)
For purposes of subsection (a), the term  financial interest  includes an interest in the issuance, purchase, sale, or holding of a cryptocurrency, meme coin, token, non-fungible token, payment stablecoin, or other digital asset that is sold for remuneration.
  .
5.
Public official certification requirement
(a)
Definitions
In this section:
(1)
Permitted payment stablecoin issuer
The term  permitted payment stablecoin issuer  means a payment stablecoin issuer that has received approval to operate under subsection (c).
(2)
Public official
The term  public official  means an individual described in section 13103(f) of title 5, United States Code.
(3)
Special Government employee
The term  special Government employee  has the meaning given that term in section 202(a) of title 18, United States Code.
(b)
Requirement
A permitted payment stablecoin issuer shall ensure that no public official shall profit from the issuance of payment stablecoins of the permitted payment stablecoin issuer.
(c)
Certification
(1)
Initial certification
To receive approval to operate as a permitted payment stablecoin issuer, each payment stablecoin issuer shall submit to the Director of the Office of Government Ethics and the primary Federal payment stablecoin regulator of the payment stablecoin issuer a certification that no public official has a financial interest related to a particular matter in which the public official participates personally and substantially as a Government officer or employee, including as a special Government employee, from the issuance of payment stablecoins of the payment stablecoin issuer.
(2)
Recertification
Not later than 90 days after the issuance of the first payment stablecoin by a permitted payment stablecoin issuer, and on a quarterly basis thereafter, each permitted stablecoin issuer shall submit to the Director of the Office of Government Ethics and the primary Federal payment stablecoin regulator of the permitted payment stablecoin issuer a certification that no public official has a financial interest related to a particular matter in which the public official participates personally and substantially as a Government officer or employee, including as a special Government employee, from the issuance of payment stablecoins of the permitted payment stablecoin issuer.
(3)
Public disclosure
The Director of the Office of Government Ethics shall make the certifications submitted under paragraphs (1) and (2) publicly available through databases maintained on the official website of the Office of Government Ethics.
(d)
Penalties
(1)
Approval revocation
The primary Federal payment stablecoin regulator of a permitted payment stablecoin issuer that does not submit a certification pursuant to subsection (c) shall revoke the approval to operate of the permitted payment stablecoin issuer.
(2)
Criminal penalty
(A)
In general
Any person that submits a certification pursuant to subsection (c) that is false shall be subject to the criminal penalties set forth under section 1001 of title 18, United States Code.
(B)
Referral to Attorney General
If a Federal payment stablecoin regulator has reason to believe that any person has violated subsection (c), the Federal payment stablecoin regulator shall refer the matter to the Attorney General.
6.
GAO report to Congress
(a)
Definition
In this section, the term  relevant congressional committees  means—
(1)
the Committee on Banking, Housing, and Urban Affairs of the Senate;
(2)
the Committee on Agriculture, Nutrition, and Forestry of the Senate;
(3)
the Committee on Homeland Security and Governmental Affairs of the Senate;
(4)
the Committee on Financial Services of the House of Representatives;
(5)
the Committee on Agriculture of the House of Representatives; and
(6)
the Committee on Oversight and Government Reform of the House of Representatives.
(b)
Report
Not later than 360 days after the date of enactment of this Act, the Comptroller General of the United States shall submit to the relevant congressional committees a report that contains recommendations to update Federal laws relating to ethics and enforcement procedures relating to ethics in order to incorporate any regulatory frameworks relating to digital assets adopted on or after the date of enactment of this Act.