U.S. Congressman Ritchie Torres has proposed a bill aiming to ban federal officials from trading cryptocurrencies, citing the need to prevent conflicts of interest. The bill, titled the ‘Stop Presidential Profiteering from Digital Assets Act,’ seeks to close regulatory gaps in cryptocurrency disclosure and prohibit any involvement in cryptocurrency trading or ownership by federal officials. This follows recent volatility in memecoin markets, particularly Dogecoin and Shiba Inu, which have been impacted by this proposed legislation. The bill references President Trump’s family’s involvement in cryptocurrencies as a precedent for its framework. Notably, the bill cites potential ethical conflicts arising from the rise of digital assets during federal governance. Torres argued that the aim of this law is to ensure federal officials are held to the highest ethical standards and prohibited from profiting off their public service through digital assets. This legislation aims to create a clear regulatory framework for cryptocurrency markets, with implications for transparency in both the crypto sector and the government. Similar measures have been proposed by Representative Takano in the past, aiming to prevent insider trading among federal officials in memecoin markets. The bill’s introduction has triggered debate about ethical considerations surrounding federal officials’ involvement in digital assets, as public scrutiny focuses on potential conflicts of interest.