The STABLE GENIUS Act Bans Politicians From Issuing or Endorsing Digital Assets, and Require Them to Establish Blind Trusts
Washington, D.C. — Colorado U.S. Senator Michael Bennet, member of the Senate Committee on Rules and Administration with oversight of campaign finance laws, introduced the Stop Trading Assets Benefiting Lawmakers’ Earnings while Governing Exotic and Novel Investments for the United States (STABLE GENIUS) Act to prevent elected officials and federal candidates from issuing or endorsing digital assets, while also preventing officials from making legislative or policy decisions influenced by the digital assets they hold.
“Cryptocurrency is a new financial technology, and opens the door to novel forms of corruption and abuse,” said Bennet. “This legislation restores Americans’ trust in our political institutions and our financial system by ensuring that no federal candidate or official can profit from their position of power.”
The STABLE GENIUS Act would:
- Prohibit the President, Vice President, Members of Congress, and federal candidates from issuing or endorsing digital assets;
- Require the President, Vice President, Members of Congress, and federal candidates to place digital assets in a blind trust to ensure they cannot profit from their policymaking decisions;
- Establish civil and criminal penalties for violations; and
- Clarify that any actions that would violate these requirements are considered unofficial acts.
Bennet is a leading advocate for restoring trust in our elections and government. In 2018, he introduced the Curtailing Lobbyists and Empowering Americans for a New (CLEAN) Politics Act of 2018, a bill to curb pay-to-play politics and limit the undue access and influence of lobbyists in Washington. In 2019, he introduced a constitutional amendment to reverse Citizens United by restoring authority to Congress, states, and the American people to regulate campaign finance. In 2021, he reintroduced the ZOMBIE Act to require politicians no longer running for office to close their old campaign accounts. In 2023, Bennet reintroduced the Close the Revolving Door Act to ban members of Congress from ever becoming lobbyists, increasing transparency and accountability in Washington and shutting the revolving door of influence in Washington.
This legislation is supported by Citizens for Responsibility and Ethics in Washington and Accountable.US/Accountable.NOW.
The text of the legislation is available HERE.