H.R.3849 - Stop Trading Assets Benefitting Lawmakers' Earnings while Governing Exotic and Novel Investments in the United States Act; STABLE GENIUS Act (119th Congress)
Summary
H.R.3849, the STABLE GENIUS Act, aims to prevent conflicts of interest by prohibiting certain government officials and candidates from engaging in financial transactions involving digital assets. It requires covered individuals to place existing digital asset investments into qualified blind trusts. The bill also outlines reporting requirements and penalties for violations.
Expected Effects
If enacted, this bill would restrict the ability of covered individuals to invest in digital assets during their candidacy and term of service, plus a year after. It would likely lead to increased scrutiny of financial dealings of politicians and potentially deter insider trading.
Potential Benefits
- Increased public trust in government by reducing potential conflicts of interest.
- Greater transparency in the financial dealings of elected officials.
- Reduced opportunities for insider trading based on non-public information.
- Level playing field for investors by limiting the advantages of political insiders.
- Strengthened ethical standards for government officials.
Potential Disadvantages
- May discourage qualified individuals from seeking public office due to financial restrictions.
- Could be perceived as an overreach, limiting the financial freedoms of elected officials.
- The definition of 'digital asset' may become outdated quickly due to technological advancements.
- Compliance and enforcement could be complex and costly.
- Potential for creating loopholes or unintended consequences.
Constitutional Alignment
The bill's alignment with the Constitution is complex. While it doesn't directly infringe on any specific constitutional right, arguments could be made regarding the right to privacy or due process if the restrictions are deemed overly broad or punitive. The Constitution grants Congress the power to regulate its own members and ensure ethical conduct, which supports the bill's intent (Article I, Section 5).
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).