Democratic Congressman Proposes Ban on High Officials Holding Digital Assets

On August 31, U.S. Democratic Congressman Eugene Vindman introduced the "Sell Your Stocks or Step Down Act" (H.R.10199), which aims to prohibit the President, Vice President, members of Congress, senior executive officials, federal judges, and certain family members from holding or trading stocks, digital assets, commodities, futures, prediction market contracts, and related derivatives. The bill requires the affected individuals to sell restricted assets within 30 days of its enactment but allows the holding of U.S. Treasury bonds, state and municipal bonds, and qualifying diversified publicly traded funds. Failure to sell on time could result in daily fines of up to 10% of the value of the non-compliant assets, with a cumulative maximum of 50%; violations involving trading would incur a fine equivalent to the value of the traded assets plus $10,000, along with the forfeiture of related profits. Currently, the bill is only in the stage of being introduced in the House and referred to committee for review.

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