End Crypto Corruption Act of 2025

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Bill ID: 119/s/1668
Last Updated: November 20, 2025

Sponsored by

Sen. Merkley, Jeff [D-OR]

ID: M001176

Follow the money

The bill

End Crypto Corruption Act of 2025

S. 1668, 119th Congress — read as touching Crypto & Fintech.

The sponsor

Sen. Merkley, Jeff [D-OR]

Every bill has someone who introduced it. That name is where the paper trail starts.

The money

$87,300 raised

28 itemised contributions to this sponsor, pulled from FEC filings.

The alignment

70% match to Project 2025

This bill's text tracks the "Financial Regulatory Agencies" section, p. 866-868 of the Mandate for Leadership.

Bill's Journey to Becoming a Law

Track this bill's progress through the legislative process

Latest Action

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 71.

May 7, 2025

Introduced

📍 Current Status

Next: The bill will be reviewed by relevant committees who will debate, amend, and vote on it.

🏛️

Committee Review

🗳️

Floor Action

✅

Passed Senate

🏛️

House Review

🎉

Passed Congress

🖊️

Presidential Action

⚖️

Became Law

📚 How does a bill become a law?

1. Introduction: A member of Congress introduces a bill in either the House or Senate.

2. Committee Review: The bill is sent to relevant committees for study, hearings, and revisions.

3. Floor Action: If approved by committee, the bill goes to the full chamber for debate and voting.

4. Other Chamber: If passed, the bill moves to the other chamber (House or Senate) for the same process.

5. Conference: If both chambers pass different versions, a conference committee reconciles the differences.

6. Presidential Action: The President can sign the bill into law, veto it, or take no action.

7. Became Law: If signed (or if Congress overrides a veto), the bill becomes law!

Bill Summary

Another masterpiece of legislative theater, brought to you by the esteemed members of Congress. The "End Crypto Corruption Act of 2025" - a bill so noble in its intentions, yet so laughably transparent in its true motivations.

**Main Purpose & Objectives:** The bill's stated purpose is to prohibit certain government officials from engaging in financial transactions related to cryptocurrencies and other digital assets. Because, you know, the biggest threat to democracy is clearly not corruption, but rather the possibility that a politician might make some money on the side through crypto investments.

**Key Provisions & Changes to Existing Law:** The bill amends chapter 131 of title 5, United States Code, by adding a new subchapter IV, which defines "prohibited financial transactions" and prohibits covered individuals (including the President, Vice President, Members of Congress, and Senate-confirmed appointees) from engaging in such transactions. It also establishes civil penalties for violations, including fines and disgorgement of profits.

**Affected Parties & Stakeholders:** The bill affects a select group of government officials who might be tempted to dabble in crypto investments. But let's be real, the only stakeholders who truly matter are the politicians themselves, their wealthy donors, and the lobbying groups that grease the wheels of Congress.

**Potential Impact & Implications:** This bill is a classic case of "legislative placebo" - it looks like something meaningful on paper, but in reality, it's just a Band-Aid on a bullet wound. The real disease here is corruption, and this bill does nothing to address the root causes of that corruption.

In fact, by focusing solely on crypto transactions, the bill creates a convenient distraction from more pressing issues, such as campaign finance reform or stricter ethics laws. It's like treating a patient with a terminal illness by giving them a lollipop - it might make them feel better for a moment, but it won't cure the underlying disease.

The true motivation behind this bill is likely to appease certain special interest groups and wealthy donors who are concerned about the perceived risks of crypto investments. It's a classic case of " regulatory capture" - where politicians create regulations that benefit their own interests or those of their donors, rather than serving the public good.

In conclusion, the "End Crypto Corruption Act of 2025" is a farce, a Potemkin village of legislative virtue signaling designed to distract from the real issues plaguing our democracy. It's a bill that says, "Look, we're doing something about corruption!" while actually doing nothing to address the root causes of corruption.

Now, if you'll excuse me, I have better things to do than watch this circus.

Related Topics

Banking & Financial ServicesCybersecurity & Data PrivacyFederal Budget & Appropriations
Generated using Llama 3.1 70B (Dr. Haus personality)

💰 Campaign Finance Network

Sen. Merkley, Jeff [D-OR]

Congress 119 • 2024 Election Cycle

Total Contributions
$87,300
21 donors
PACs
$0
Organizations
$11,400
Committees
$0
Individuals
$75,900

No PAC contributions found

1
AK-CHIN INDIAN COMMUNITY
1 transaction
$2,500
2
CHEROKEE NATION
1 transaction
$2,500
3
SISSETON-WAHPETON OYATE
1 transaction
$2,000
4
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
2 transactions
$1,400
5
CONFEDERATED TRIBES AND BANDS OF THE YAKAMA NATION
1 transaction
$1,000
6
CHOCTAW NATION OF OKLAHOMA
1 transaction
$1,000
7
MISSISSIPPI BAND OF CHOCTAW INDIANS
1 transaction
$1,000

No committee contributions found

1
SHENOY, SUNIL
2 transactions
$10,000
2
BOONE, GARRETT
2 transactions
$6,600
3
GARVER, CURTIS MIKE
2 transactions
$6,600
4
BOONE, CECILIA
2 transactions
$6,600
5
RECHNITZ, JOAN
2 transactions
$6,600
6
SOHN, RICHARD FOHS
2 transactions
$6,600
7
STUBBS, MARILYN L.
1 transaction
$5,000
8
BARNHART, PHILIP N.
1 transaction
$5,000
9
HEATHERINGTON, JEFF S.
1 transaction
$5,000
10
BIGLAN, ANTHONY
1 transaction
$5,000
11
CROWLEY, MATTHEW
1 transaction
$3,300
12
GORDON, PATRICIA
1 transaction
$3,300
13
STUBBS, ERVIN GENE
1 transaction
$3,200
14
LEWIS, MARY L.
1 transaction
$3,100

Cosponsors & Their Campaign Finance

This bill has 10 cosponsors. Below are their top campaign contributors.

Sen. Schumer, Charles E. [D-NY]

ID: S000148

Top Contributors

10

1
AK-CHIN INDIAN COMMUNITY
OrganizationMARICOPA, AZ
$3,300
Dec 29, 2023
2
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,000
Mar 21, 2024
3
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,000
Jun 2, 2023
4
CHOCTAW NATION OF OKLAHOMA
OrganizationDURANT, OK
$550
Sep 27, 2023
5
MARES, JAN
IndividualWASHINGTON, DC
$3,500
Dec 6, 2024
6
MEZZALINGUA, JOHN
JMA • CEO
IndividualSKANEATELES, NY
$3,300
Dec 21, 2023
7
RIKLIS, MARCIA
NOT EMPLOYED • NOT EMPLOYED
IndividualEAST HAMPTON, NY
$3,300
Dec 15, 2023
8
EISENSTADT, STEVEN
CUMBERLAND PACKING CORP. • EXECUTIVE
IndividualBROOKLYN, NY
$3,300
Dec 21, 2023
9
MEZZALINGUA, JOHN
JMA • CEO
IndividualSKANEATELES, NY
$3,300
Dec 21, 2023
10
EISENSTADT, STEVEN
CUMBERLAND PACKING CORP. • EXECUTIVE
IndividualBROOKLYN, NY
$3,300
Dec 21, 2023

Sen. Warren, Elizabeth [D-MA]

ID: W000817

Top Contributors

10

1
FRY, SHANTI A
NONE • NOT EMPLOYED
IndividualCAMBRIDGE, MA
$6,600
Nov 3, 2023
2
FRY, SHANTI A
IndividualCAMBRIDGE, MA
$6,600
Nov 19, 2023
3
BURNES, RICK M JR
CHARLES RIVER VENTURES • VENTURE CAPITAL
IndividualBOSTON, MA
$5,000
Oct 17, 2023
4
BURNES, RICK M JR
IndividualBOSTON, MA
$5,000
Oct 31, 2023
5
MONEY, IRENE
MICROSOFT • BUSINESS MANAGER
IndividualCAMBRIDGE, MA
$3,300
Oct 20, 2024
6
KRUPP, DOUGLAS
NONE • NOT EMPLOYED
IndividualBOSTON, MA
$3,300
Oct 19, 2023
7
KRUPP, JUDITH A
NONE • NOT EMPLOYED
IndividualBOSTON, MA
$3,300
Oct 19, 2023
8
LEVIN, ADAM K.
SELF EMPLOYED • ENTREPRENEUR
IndividualBRENTWOOD, TN
$3,300
Oct 12, 2023
9
LEVIN, ADAM K.
SELF EMPLOYED • ENTREPRENEUR
IndividualBRENTWOOD, TN
$3,300
Oct 12, 2023
10
NICHOLS, NANCY M.
NONE • NOT EMPLOYED
IndividualPALM BEACH, FL
$3,300
Oct 31, 2023

Sen. Hirono, Mazie K. [D-HI]

ID: H001042

Top Contributors

10

1
TUNICA-BILOXI TRIBE OF LA
OrganizationMARKSVILLE, LA
$3,300
Jun 15, 2023
2
CHEROKEE NATION
OrganizationTAHLEQUAH, OK
$2,500
Dec 30, 2023
3
THE CHICKASAW NATION
OrganizationADA, OK
$2,500
Nov 1, 2023
4
MS BAND OF CHOCTAW INDIANS
OrganizationCHOCTAW, MS
$2,000
Jul 7, 2023
5
TUNICA-BILOXI TRIBE OF LA
OrganizationMARKSVILLE, LA
$1,700
Jun 15, 2023
6
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$1,000
May 23, 2024
7
THE CHICKASAW NATION
OrganizationADA, OK
$800
Nov 1, 2023
8
TONIO BURGOS & ASSOCIATES OF NEW JERSEY, LLC
OrganizationNEW YORK, NY
$500
May 18, 2023
9
CHUAN, JOHANNA
NOT EMPLOYED • NOT EMPLOYED
IndividualHONOLULU, HI
$3,400
Jun 9, 2024
10
MINATOISHI, LORRAINE REIKO
AEPAC • PRESIDENT AND FOUNDER
IndividualHONOLULU, HI
$3,300
Oct 21, 2024

Sen. Van Hollen, Chris [D-MD]

ID: V000128

Top Contributors

10

1
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,000
Jun 3, 2023
2
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,000
Apr 25, 2024
3
BROE, PATRICK
FOUNDER • BROE GROUP
IndividualDENVER, CO
$5,000
Sep 17, 2024
4
BROE, PAULA
NOT EMPLOYED • NOT EMPLOYED
IndividualDENVER, CO
$5,000
Sep 17, 2024
5
FUSTOK, OMAR
SELF EMPLOYED • HEALTHCARE
IndividualHOUSTON, TX
$3,300
Dec 6, 2024
6
HUSAIN, NOMAAN K.
HUSAIN LAW • ATTORNEY
IndividualHOUSTON, TX
$3,300
Dec 5, 2024
7
HUSAIN, NOMAAN K.
HUSAIN LAW • ATTORNEY
IndividualHOUSTON, TX
$3,300
Dec 5, 2024
8
JAVED, MOHAMMAD SHAHID
TRUE INSURANCE SOLUTIONS • REAL ESTATE
IndividualBEAUMONT, TX
$3,300
Dec 4, 2024
9
JAVED, MOHAMMAD SHAHID
TRUE INSURANCE SOLUTIONS • REAL ESTATE
IndividualBEAUMONT, TX
$3,300
Dec 4, 2024
10
JAVED, MUHAMMAD TAHIR
RICELAND HEALTHCARE • CEO
IndividualBEAUMONT, TX
$3,300
Dec 4, 2024

Sen. Reed, Jack [D-RI]

ID: R000122

Top Contributors

10

1
KHAMIEES, MOHAMMAD D.
SELF-EMPLOYED • PHYSICIAN
IndividualCUMBERLAND, RI
$3,300
May 7, 2023
2
MEZZALINGUA, JOHN
JMA WIRELESS • CEO
IndividualSKANEATELES, NY
$3,300
Apr 8, 2024
3
MEZZALINGUA, JOHN
JMA WIRELESS • CEO
IndividualSKANEATELES, NY
$3,300
Apr 8, 2024
4
MEZZALINGUA, KIM
NOT EMPLOYED • NOT EMPLOYED
IndividualSKANEATELES, NY
$3,300
Apr 8, 2024
5
MEZZALINGUA, KIM
NOT EMPLOYED • NOT EMPLOYED
IndividualSKANEATELES, NY
$3,300
Apr 8, 2024
6
GRANIERI, ROBERT A.
JANE STREET CAPITAL • MANAGER
IndividualNEW YORK, NY
$3,300
Sep 29, 2023
7
GRANIERI, ROBERT A.
JANE STREET CAPITAL • MANAGER
IndividualNEW YORK, NY
$3,300
Sep 29, 2023
8
BOYCE, KATHARINE
KRBR CONSULTING • PRESIDENT
IndividualALEXANDRIA, VA
$2,900
Mar 28, 2023
9
SLOANE, CANDACE LAPIDUS
NOT EMPLOYED • NOT EMPLOYED
IndividualNEEDHAM, MA
$2,900
Mar 22, 2024
10
BONDERMAN, DAVID
TEXAS PACIFIC GROUP • FOUNDER
IndividualFORT WORTH, TX
$2,500
Feb 27, 2023

Sen. Gillibrand, Kirsten E. [D-NY]

ID: G000555

Top Contributors

10

1
ONEIDA INDIAN NATION
OrganizationONEIDA, NY
$3,300
Mar 29, 2023
2
ONEIDA INDIAN NATION
OrganizationONEIDA, NY
$3,300
Mar 29, 2023
3
THE CHICKASAW NATION
OrganizationADA, OK
$3,000
Mar 15, 2024
4
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$600
Jun 22, 2023
5
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$400
Jun 22, 2023
6
STRICKLER, DANIEL B. JR.
BEECHTREE CAPITAL PARTNERS INC. • INVESTMENTS
IndividualNEW YORK, NY
$6,200
Mar 24, 2023
7
ROSENWALD, E. JOHN JR.
JP MORGAN • VICE CHAIRMAN
IndividualNEW YORK, NY
$5,800
Oct 16, 2023
8
ROSENWALD, E. JOHN JR.
IndividualNEW YORK, NY
$5,800
Nov 3, 2023
9
VENNERBERG, VAUGHN II
XTO ENERGY INC • PRESIDENT
IndividualDALLAS, TX
$5,800
Mar 14, 2023
10
VENNERBERG, VAUGHN II
IndividualDALLAS, TX
$5,800
Mar 27, 2023

Sen. Cortez Masto, Catherine [D-NV]

ID: C001113

Top Contributors

10

1
LAS VEGAS PAIUTE TRIBE
OrganizationLAS VEGAS, NV
$3,300
Nov 28, 2023
2
MISSISSIPPI BAND OF CHOCTAW INDIANS
OrganizationCHOCTAW, MS
$2,500
Dec 20, 2023
3
ALABAMA-COUSHATTA TRIBE
OrganizationLIVINGSTON, TX
$1,500
Oct 2, 2024
4
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,000
Apr 26, 2024
5
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,000
Jul 11, 2023
6
MUSCOGEE CREEK NATION
OrganizationOKMULGEE, OK
$1,000
Sep 18, 2024
7
MOHEGAN TRIBE OF INDIANS OF CONNECTICUT
OrganizationUNCASVILLE, CT
$1,000
Aug 12, 2024
8
CHOCTAW NATION OF OKLAHOMA
OrganizationDURANT, OK
$550
Oct 2, 2023
9
LONGTIN, LUANN
IndividualPOTOMAC, MD
$17,325
Jun 30, 2024
10
SLIFKA, ROSALYN
IndividualWALTHAM, MA
$5,800
Jun 30, 2024

Sen. Wyden, Ron [D-OR]

ID: W000779

Top Contributors

10

1
SANTA YNEZ BAND OF MISSION INDIANS
OrganizationSANTA YNEZ, CA
$2,000
Dec 12, 2024
2
MOHEGAN TRIBE OF INDIANS OF CONNECTICUT
OrganizationUNCASVILLE, CT
$1,000
Dec 28, 2023
3
SANTA YNEZ BAND OF MISSION INDIANS
OrganizationSANTA YNEZ, CA
$1,000
Dec 30, 2023
4
SAN MANUEL BAND OF MISSIONS INDIANS
OrganizationLOS ANGELES, CA
$1,000
Mar 26, 2024
5
SHAKOPEE MDWEKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,000
Jun 12, 2024
6
SHAKOPEE MDWEKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,000
May 31, 2023
7
MS BAND OF CHOCTAW INDIANS
OrganizationCHOCTAW, MS
$1,000
Dec 31, 2023
8
CHOCTAW NATION OF OKLAHOMA
OrganizationDURANT, OK
$550
Oct 3, 2023
9
RENO-SPARKS INDIAN COLONY
OrganizationRENO, NV
$500
Jul 18, 2023
10
RENO-SPARKS INDIAN COLONY
OrganizationRENO, NV
$500
Sep 10, 2024

Sen. Sanders, Bernard [I-VT]

ID: S000033

Top Contributors

10

1
FERNEYHOUGH, JAMES
TA INSTRUMENTS • MECHANICAL ENGINEER
IndividualNEWARK, DE
$6,600
Jan 14, 2024
2
FERNEYHOUGH, JAMES
IndividualNEWARK, DE
$6,600
Jan 28, 2024
3
RIDDER, KIM
NOT EMPLOYED • NOT EMPLOYED
IndividualCLAREMONT, CA
$5,000
Jan 28, 2024
4
RIDDER, KIM
IndividualCLAREMONT, CA
$5,000
Feb 4, 2024
5
LAMORTE, CHARLES
NOT EMPLOYED • NOT EMPLOYED
IndividualPALM SPRINGS, CA
$3,300
May 1, 2024
6
LAMORTE, CHARLES
NOT EMPLOYED • NOT EMPLOYED
IndividualPALM SPRINGS, CA
$3,300
May 1, 2024
7
SIMONS, NAT
MERITAGE GROUP LP • INVESTOR
IndividualBERKELEY, CA
$3,300
May 19, 2024
8
SIMONS, NAT
MERITAGE GROUP LP • INVESTOR
IndividualBERKELEY, CA
$3,300
May 19, 2024
9
YU, KAIWEN
GOOGLE • SOFTWARE DEVELOPMENT ENGINEER
IndividualSEATTLE, WA
$3,300
Dec 31, 2024
10
ROBY, DAVID
NOT EMPLOYED • NOT EMPLOYED
IndividualLYME, NH
$3,300
Feb 18, 2024

Sen. Kim, Andy [D-NJ]

ID: K000394

Top Contributors

10

1
THE CHICKASAW NATION
OrganizationADA, OK
$6,600
Sep 11, 2024
2
THE CHICKASAW NATION
OrganizationADA, OK
$3,300
Sep 30, 2024
3
JSTREETPAC
CONDUIT TOTAL LISTED IN AGG. FIELD
OrganizationWASHINGTON, DC
$1,000
Feb 15, 2024
4
JSTREETPAC
CONDUIT TOTAL LISTED IN AGG. FIELD
OrganizationWASHINGTON, DC
$1,000
Feb 15, 2024
5
JSTREETPAC
CONDUIT TOTAL LISTED IN AGG. FIELD
OrganizationWASHINGTON, DC
$500
Jan 11, 2024
6
COUNCIL FOR A LIVABLE WORLD
CONDUIT TOTAL LISTED IN AGG. FIELD
OrganizationWASHINGTON, DC
$500
Oct 11, 2023
7
GIVE CHANCES
OrganizationNORTHVALE, NJ
$300
Jul 10, 2023
8
GIVE CHANCES
OrganizationNORTHVALE, NJ
$300
Apr 26, 2023
9
JSTREETPAC
CONDUIT TOTAL LISTED IN AGG. FIELD
OrganizationWASHINGTON, DC
$250
Feb 15, 2024
10
KIM, ANTHONY
CENTERVIEW PARTNERS • FINANCE
IndividualNEW YORK, NY
$6,600
Sep 30, 2023

Donor Network - Sen. Merkley, Jeff [D-OR]

PACs
Organizations
Individuals
Politicians

Hub layout: Politicians in center, donors arranged by type in rings around them.

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Showing 74 nodes and 43 connections (74 secondary connections hidden)

Total contributions: $136,000

Top Donors - Sen. Merkley, Jeff [D-OR]

Showing top 21 donors by contribution amount

7 Orgs14 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 1 harmed.

  • −Crypto & Fintechconfidence 0.95

    Section 2(a) defines prohibited financial transactions to include issuance, sponsorship, or endorsement of cryptocurrency, meme coin, token, NFT, stablecoin, or other digital asset sold for remuneration, and Section 3(a) imposes criminal penalties for knowingly violating the prohibition, directly targeting crypto-related activities.

Project 2025 Policy Matches

This bill shows semantic similarity to the following sections of the Project 2025 policy document.AI-enhanced analysis provides detailed alignment ratings.

Financial Regulatory Agencies

Moderate
Vector: 66%
Pages: 866-868AI Enhanced

AI Analysis:

"The bill addresses digital asset regulation and conflicts of interest involving government officials, which aligns with Project 2025's call for clearer regulatory treatment of digital assets by the SEC and CFTC. However, the bill focuses on ethics restrictions for officials rather than defining whether digital assets are securities or commodities, which is the core of Project 2025's digital assets policy."

Key themes:digital assetsregulatory claritySEC and CFTC oversightfinancial ethicscryptocurrency regulation

— 834 — Mandate for Leadership: The Conservative Promise register with the Commodity Futures Trading Commission (CFTC) as a swap execution facility (SEF) under Sections 2(i)27 and 5h28 of the CEA. Currently, it is not clear whether having one or a small number of U.S. participants would require SEF registration under prior staff guidance, which has led foreign swap trading platforms to exclude all U.S. persons from their platforms or to go through the process of seeking an exemption from registration. l Amend Section 2 of the CEA to authorize the CFTC Chairman to remove the agency’s Executive Director without a Commission vote. l To augment Commissioners’ independence, establish funding amounts for the Commissioners’ offices by statute with adjustments for inflation, with no requirement for a Commissioner to obtain budget or expense approvals from the Chairman or the agency’s administrative staff. The CFTC should: l Allocate more resources to core agency functions rather than ancillary and support operations. l Replace the existing position limits rule, which reduces liquidity and makes markets more volatile, with further delegation of authority to the exchanges to set position limits and position accountability levels where appropriate for the relevant market. l Reduce overly prescriptive rules implementing the CFTC’s core principles. l Apply the definitions of “U.S. Person” and “Guarantee” in the CFTC’s 2020 rule on cross-border application of swaps regulations (2020 Cross-Border Rule)29 to the regulatory requirements that remain covered by the CFTC’s 2013 guidance on the subject (2013 Guidance).30 Currently, the definition of each of these foundational terms differs depending on whether the requirement in question is covered by the 2020 Cross-Border Rule or the 2013 Guidance. l Remove the regulatory categories of “affiliate conduit” and “foreign consolidated subsidiary” from the 2013 Guidance and the CFTC’s cross- border rule on margin for uncleared swaps,31 respectively. These categories were replaced by the concept of a “Significant Risk Subsidiary” for purposes of the 2020 Cross-Border Rule because of widespread market confusion and compliance difficulties arising from their broad and vague scope. — 835 — Financial Regulatory Agencies DIGITAL ASSETS Both the SEC and the CFTC have been irresponsible actors in the digital asset area. They have had more than a decade to promulgate rules governing digital assets, yet the SEC has utterly failed to do so, and the CFTC has provided only minimal guidance. Instead, both agencies have chosen regulation by enforce- ment—and have done it poorly. They neither adequately protect investors nor provide responsible market participants with the regulatory environment that they need to thrive. The SEC and CFTC should clarify the treatment of digital assets (coins or tokens). Specifically, they should: l Promulgate a joint regulation providing that a holder of digital assets may not be deemed a party to an investment contract or an investor in a common enterprise unless, while the enterprise is a going concern, the holder is entitled to a share of the earnings or profits of the common enterprise or a defined flow of payments from the common enterprise in consideration of the investment or unless, upon liquidation, the holder has rights against the assets of the common enterprise. Otherwise, the digital asset shall be deemed a commodity to be regulated by the CFTC, not the SEC. l Amend the definition of commodity to include digital assets that are not a security as so defined and amend the definition of security to make it clear that a certificate (digital, electronic, or otherwise) that represents ownership of commodities and is convertible into a physical commodity on demand is not a security but a commodity. In the absence of regulatory action, Congress should enact legislation that achieves these goals. IMPROVED REGULATION OF THE INDUSTRY AND SROS Congress and the SEC need to conduct more robust oversight of self-regulatory organizations, and SROs need to be reformed; otherwise, as discussed above, SRO regulatory functions should be merged into the SEC. The SEC, FINRA itself, or Congress should: l In the absence of merging FINRA into the SEC as recommended, require that: 1. FINRA’s Board of Governors meetings be open to the public unless the board votes to meet in executive session.

Financial Regulatory Agencies

Weak
Vector: 66%
Pages: 875-878AI Enhanced

AI Analysis:

"The bill focuses on ethics restrictions for government officials regarding cryptocurrency activities, while the Project 2025 Financial Regulatory Agencies section emphasizes reforming agencies like the CFPB, SEC, and OCC, reducing regulatory burdens, and promoting entrepreneurs' access to capital—there is minimal thematic overlap."

Key themes:financial regulationgovernment accountability

— 842 — Mandate for Leadership: The Conservative Promise 19. Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth”; Campbell, “The Case for Federal Pre-Emption of State Blue Sky Laws.” 20. David R. Burton, “Why the SEC’s Consolidated Audit Trail Is a Bad Idea,” Heritage Foundation Commentary, December 5, 2019, https://www.heritage.org/monetary-policy/commentary/why-the-secs-consolidated- audit-trail-bad-idea; Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission, “Statement on the Order Granting Temporary Conditional Exemptive Relief from Certain Requirements of the National Market System Plan Governing the Consolidated Audit Trail,” July 8, 2022, https://www.sec.gov/news/ statement/peirce-statement-consolidated-audit-trail-070822 (accessed February 20, 2023). 21. Peirce, “It’s Not Just Scope 3: Remarks at the American Enterprise Institute”; Uyeda, “Remarks at the 2022 Cato Summit on Financial Regulation.” 22. David R. Burton, “How Dodd–Frank Mandated Disclosures Harm, Rather than Protect, Investors,” Heritage Foundation Issue Brief No. 4526, March 10, 2016, http://thf-reports.s3.amazonaws.com/2016/IB4526.pdf. 23. For a detailed discussion of SEC administration, see Burton, “Reforming the Securities and Exchange Commission.” 24. See, for example, Andrew N. Vollmer, “Accusers as Adjudicators in Agency Enforcement Proceedings,” University of Michigan Journal of Law Reform, Vol. 52, No. 1 (Fall 2018), pp. 103–155, https://repository.law. umich.edu/cgi/viewcontent.cgi?article=1602&context=mjlr (accessed February 20, 2023). 25. 7 U.S.C. § 1a(9), https://www.law.cornell.edu/uscode/text/7/1a (accessed February 20, 2023). 26. Or the CFTC can undertake a rulemaking. 27. 7 U.S.C. § 2(i), https://www.law.cornell.edu/uscode/text/7/2 (accessed February 20, 2023). 28. 7 U.S.C. § 7b–3, https://www.law.cornell.edu/uscode/text/7/7b-3 (accessed February 20, 2923). 29. Commodity Futures Trading Commission, “Cross-Border Application of the Registration Thresholds and Certain Requirements Applicable to Swap Dealers and Major Swap Participants,” Final Rule, Federal Register, Vol. 85, No. 178 (September 14, 2020), pp. 56924–57016, https://www.govinfo.gov/content/pkg/FR-2020-09- 14/pdf/2020-16489.pdf (accessed February 21, 2023). 30. Commodity Futures Trading Commission, “Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations,” Federal Register, Vol. 78, No. 144 (July 26, 2013), pp. 45292–45374, https:// www.cftc.gov/sites/default/files/idc/groups/public/@lrfederalregister/documents/file/2013-17958a.pdf (accessed February 21, 2023). 31. Commodity Futures Trading Commission, “Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants—Cross-Border Application of the Margin Requirements,” Final Rule, Federal Register, Vol. 81, No. 104 (May 31, 2016), pp. 34818–34854, https://www.govinfo.gov/content/pkg/FR-2016-05-31/ pdf/2016-12612.pdf (accessed February 21, 2023). 32. H.R. 4173, Dodd–Frank Wall Street Reform and Consumer Protection Act, Public Law 111–203, 111th Congress, July 21, 2010, Title X, https://www.congress.gov/111/plaws/publ203/PLAW-111publ203.pdf (accessed March 23, 2023). See also Consumer Financial Protection Bureau, “About Us,” https://www.consumerfinance.gov/about- us/ (accessed March 23, 2023). 33. See, for example, Paul Sperry, “Trump Is Finally Fixing This Economy-Killing Agency,” New York Post, December 2, 2017, https://nypost.com/2017/12/02/trump-is-finally-fixing-this-economy-killing-agency/ (accessed March 23, 2023). See also Jeb Hensarling “How We’ll Stop a Rogue Federal Agency,” The Wall Street Journal, February 8, 2017, https://www.wsj.com/articles/how-well-stop-a-rogue-federal- agency-1486597413 (accessed March 23, 2023), and H.R. 3389, CFPB Slush Fund Elimination Act of 2013, 113th Congress, introduced October 30, 2013, https://www.congress.gov/113/bills/hr3389/BILLS-113hr3389ih.pdf (accessed March 23, 2023). 34. Editorial, “CFPB Joins Justice in Shaking Down Banks for Democrat Activist Groups,” Investor’s Business Daily, June 17, 2015, https://www.investors.com/politics/editorials/cfpb-diverts-civil-penalty-funds-to-democrat- activist-groups/ (accessed March 23, 2023). 35. Table, “Budget by Program,” in Consumer Financial Protection Bureau, Annual Performance Plan and Report, and Budget Overview, February 2023, p. 15, https://files.consumerfinance.gov/f/documents/cfpb_ performance-plan-and-report_fy23.pdf (accessed March 23, 2023). 36. Table, “FTE by Program,” in ibid., p. 16. — 843 — Financial Regulatory Agencies 37. Table 7, “Civil Penalty Fund Significant Activity,” in Consumer Financial Protection Bureau, Financial Report of the Consumer Financial Protection Bureau, Fiscal Year 2022, November 15, 2022, p. 21, https://files. consumerfinance.gov/f/documents/cfpb_financial-report_fy2022.pdf (accessed March 23, 2023). 38. Ibid. 39. Consumer Financial Protection Bureau, Financial Report of the Consumer Financial Protection Bureau, Fiscal Year 2022, p. 20. 40. 12 U.S. Code § 5491, https://www.law.cornell.edu/uscode/text/12/5491 (accessed March 23, 2023). 41. Consumer Financial Protection Bureau, “Bureau Structure,” last updated March 15, 2023, https://www. consumerfinance.gov/about-us/the-bureau/bureau-structure/ (accessed March 23, 2023). 42. See Consumer Financial Protection Bureau, “Consumer Financial Civil Penalty Fund Rule,” https://www. consumerfinance.gov/rules-policy/final-rules/consumer-financial-civil-penalty-fund-rule/ (accessed March 23, 2023). 43. Consumer Financial Protection Bureau, “Civil Penalty Fund: Consumer Education and Financial Literacy,” https://www.consumerfinance.gov/enforcement/payments-harmed-consumers/civil-penalty-fund/consumer- education-financial-literacy/ (accessed March 23, 2023). 44. U.S. Government Accountability Office, Consumer Financial Protection Bureau: Opportunity Exists to Improve Transparency of Civil Penalty Fund Activities, GAO-14-551, June 2014, https://www.gao.gov/assets/gao-14-551. pdf (accessed March 23, 2023). 45. Seila Law LLC v. Consumer Financial Protection Bureau, 591 U.S. ___ (2020), https://www.supremecourt.gov/ opinions/19pdf/19-7_n6io.pdf (accessed March 23, 2023). 46. Ibid., p. 37. 47. See 12 U.S. Code § 5497(a)(1), https://www.law.cornell.edu/uscode/text/12/5497 (accessed March 23, 2023). Congress specified that the amount transferred to the CFPB “shall not exceed” 12 percent “of the total operating expenses of the Federal Reserve System…in fiscal year 2013, and in each year thereafter.” Ibid., § 5497(2)(A)(iii). 48. Community Financial Services Association of America v. Consumer Financial Protection Bureau (5th Cir. 2022), pp. 31–32, https://www.ca5.uscourts.gov/opinions/pub/21/21-50826-CV0.pdf (accessed March 23, 2023). 49. Ibid., p. 32. 50. Ibid. (quoting Seila Law LLC v. CFPB, 140 S. Ct. 2183, 2202 n. 8 (2020)). 51. U.S. Supreme Court, “Order List: 598 U.S.,” February 27, 2023, Docket No. 22–448, CFPB et al. v. Com. Fin. Services Assn., et al., https://www.supremecourt.gov/orders/courtorders/022723zor_6537.pdf (accessed March 23, 2023). 52. Devin Watkins, Competitive Enterprise Institute, “Consumer Financial Protection Bureau: Ripe for Reform,” testimony before the Subcommittee on Financial Institutions and Monetary Policy, Committee on Financial Services, U.S. House of Representatives, March 9, 2023, https://docs.house.gov/meetings/BA/ BA20/20230309/115384/HHRG-118-BA20-Wstate-WatkinsD-20230309.pdf (accessed March 23, 2023); Norbert J. Michel, “7 Steps Next Director Can Take to Make the Consumer Financial Protection Bureau Less Awful,” Heritage Foundation Commentary, July 28, 2018, https://www.heritage.org/markets-and-finance/ commentary/7-steps-next-director-can-take-make-the-consumer-financial. 53. The Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation, Federal Reserve, and National Credit Union Administration. Those functions performed by the Office of Thrift Supervision (OTS) prior to Dodd–Frank should be transferred to the OCC since OTS has merged with OCC. 54. See “Section 1071 of the Dodd–Frank Act” in David R. Burton, “Improving Small Business Access to Capital,” Consumer Financial Protection Bureau Symposium on Section 1071 of the Dodd–Frank Act, Small Business Lending Panel, November 6, 2019, https://files.consumerfinance.gov/f/documents/cfpb_burton-written- statement_symposium-section-1071.pdf (accessed March 23, 2023). 55. 5 U.S. Code Chapter 5, https://www.law.cornell.edu/uscode/text/5/part-I/chapter-5 (accessed March 23, 2023). 56. Consumer Financial Protection Bureau, “Administrative Adjudication Proceedings,” https://www. consumerfinance.gov/administrative-adjudication-proceedings/ (accessed March 23, 2023), and 12 Code of Federal Regulations Part 1081—Rules of Practice for Adjudication Proceedings, https://www.law.cornell.edu/ cfr/text/12/part-1081 (accessed March 23, 2023).

Financial Regulatory Agencies

Weak
Vector: 65%
Pages: 875-878AI Enhanced

AI Analysis:

"Both the bill and the Project 2025 section concern financial market oversight, but the bill targets ethics restrictions on government officials' crypto activities while Project 2025 focuses on reforming financial regulators (SEC, CFTC) and deregulatory measures, resulting only tangential overlap."

Key themes:financial regulationSEC oversightmarket integrityregulatory reform

— 842 — Mandate for Leadership: The Conservative Promise 19. Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth”; Campbell, “The Case for Federal Pre-Emption of State Blue Sky Laws.” 20. David R. Burton, “Why the SEC’s Consolidated Audit Trail Is a Bad Idea,” Heritage Foundation Commentary, December 5, 2019, https://www.heritage.org/monetary-policy/commentary/why-the-secs-consolidated- audit-trail-bad-idea; Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission, “Statement on the Order Granting Temporary Conditional Exemptive Relief from Certain Requirements of the National Market System Plan Governing the Consolidated Audit Trail,” July 8, 2022, https://www.sec.gov/news/ statement/peirce-statement-consolidated-audit-trail-070822 (accessed February 20, 2023). 21. Peirce, “It’s Not Just Scope 3: Remarks at the American Enterprise Institute”; Uyeda, “Remarks at the 2022 Cato Summit on Financial Regulation.” 22. David R. Burton, “How Dodd–Frank Mandated Disclosures Harm, Rather than Protect, Investors,” Heritage Foundation Issue Brief No. 4526, March 10, 2016, http://thf-reports.s3.amazonaws.com/2016/IB4526.pdf. 23. For a detailed discussion of SEC administration, see Burton, “Reforming the Securities and Exchange Commission.” 24. See, for example, Andrew N. Vollmer, “Accusers as Adjudicators in Agency Enforcement Proceedings,” University of Michigan Journal of Law Reform, Vol. 52, No. 1 (Fall 2018), pp. 103–155, https://repository.law. umich.edu/cgi/viewcontent.cgi?article=1602&context=mjlr (accessed February 20, 2023). 25. 7 U.S.C. § 1a(9), https://www.law.cornell.edu/uscode/text/7/1a (accessed February 20, 2023). 26. Or the CFTC can undertake a rulemaking. 27. 7 U.S.C. § 2(i), https://www.law.cornell.edu/uscode/text/7/2 (accessed February 20, 2023). 28. 7 U.S.C. § 7b–3, https://www.law.cornell.edu/uscode/text/7/7b-3 (accessed February 20, 2923). 29. Commodity Futures Trading Commission, “Cross-Border Application of the Registration Thresholds and Certain Requirements Applicable to Swap Dealers and Major Swap Participants,” Final Rule, Federal Register, Vol. 85, No. 178 (September 14, 2020), pp. 56924–57016, https://www.govinfo.gov/content/pkg/FR-2020-09- 14/pdf/2020-16489.pdf (accessed February 21, 2023). 30. Commodity Futures Trading Commission, “Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations,” Federal Register, Vol. 78, No. 144 (July 26, 2013), pp. 45292–45374, https:// www.cftc.gov/sites/default/files/idc/groups/public/@lrfederalregister/documents/file/2013-17958a.pdf (accessed February 21, 2023). 31. Commodity Futures Trading Commission, “Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants—Cross-Border Application of the Margin Requirements,” Final Rule, Federal Register, Vol. 81, No. 104 (May 31, 2016), pp. 34818–34854, https://www.govinfo.gov/content/pkg/FR-2016-05-31/ pdf/2016-12612.pdf (accessed February 21, 2023). 32. H.R. 4173, Dodd–Frank Wall Street Reform and Consumer Protection Act, Public Law 111–203, 111th Congress, July 21, 2010, Title X, https://www.congress.gov/111/plaws/publ203/PLAW-111publ203.pdf (accessed March 23, 2023). See also Consumer Financial Protection Bureau, “About Us,” https://www.consumerfinance.gov/about- us/ (accessed March 23, 2023). 33. See, for example, Paul Sperry, “Trump Is Finally Fixing This Economy-Killing Agency,” New York Post, December 2, 2017, https://nypost.com/2017/12/02/trump-is-finally-fixing-this-economy-killing-agency/ (accessed March 23, 2023). See also Jeb Hensarling “How We’ll Stop a Rogue Federal Agency,” The Wall Street Journal, February 8, 2017, https://www.wsj.com/articles/how-well-stop-a-rogue-federal- agency-1486597413 (accessed March 23, 2023), and H.R. 3389, CFPB Slush Fund Elimination Act of 2013, 113th Congress, introduced October 30, 2013, https://www.congress.gov/113/bills/hr3389/BILLS-113hr3389ih.pdf (accessed March 23, 2023). 34. Editorial, “CFPB Joins Justice in Shaking Down Banks for Democrat Activist Groups,” Investor’s Business Daily, June 17, 2015, https://www.investors.com/politics/editorials/cfpb-diverts-civil-penalty-funds-to-democrat- activist-groups/ (accessed March 23, 2023). 35. Table, “Budget by Program,” in Consumer Financial Protection Bureau, Annual Performance Plan and Report, and Budget Overview, February 2023, p. 15, https://files.consumerfinance.gov/f/documents/cfpb_ performance-plan-and-report_fy23.pdf (accessed March 23, 2023). 36. Table, “FTE by Program,” in ibid., p. 16.

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About These Correlations

Policy matches are calculated using a hybrid approach: initial candidates are found using semantic similarity between bill summaries and Project 2025 policy text, then an AI model (Llama 3.1 70B) provides detailed alignment ratings and analysis. Ratings range from 1 (minimal alignment) to 5 (very strong alignment). This analysis does not imply direct causation or intent.

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