This week, Arizona Senator Mark Kelly introduced legislation to crack down on cryptocurrency-related corruption by elected officials at the highest levels of the federal government. Related: California U.S. Senator Adam Schif

output: A bipartisan group of U.S. lawmakers has introduced legislation that would ban the president, vice president, members of Congress, and senior executive branch officials, along with their immediate family members, from investing in, sponsoring, or otherwise engaging with cryptocurrency assets. The bill, titled the End Crypto Corruption Act, is an amendment to the U.S. Code (18) and carries a penalty of up to one year in prison, or a fine of up to $100,000, or both.

The bill, which is an amendment to Section 203, arises from concerns about potential conflicts of interest posed by elected officials engaging in cryptocurrency investments. The bill, which is supported by organizations such as Public Citizen and Democracy State Defenders, aims to prevent government officials from using their positions for personal financial gain in the rapidly evolving cryptocurrency domain.

The End Crypto Corruption Act is a bipartisan effort, with Senators Jeff Merkley (D-OR) and Chuck Schumer (D-NY) introducing the bill in the Senate, while Representatives Andy Kim (D-NJ) and Elissa Slotkin (D-MI) are introducing a companion bill in the House of Representatives.

"No president should be investing in crypto assets while setting economic policy in the White House. President Trump has a legal obligation to serve the American people, not his own financial interests," said Senator Merkley. "This administration has already flouted ethics rules by having administration officials participate in a crypto mining event at the White House. We need to put a stop to this abuse of power."

The bill, which is a complete revision of the relevant section of the U.S. Code, mandates that the provisions of the bill apply to the President and the Vice President and their spouses, dependent children, and any other immediate family member who is an “employee” of the executive branch.

Moreover, the bill specifies that the term "crypto asset" encompasses any digital asset, data, or technology that is designed, coded, or otherwise programmed to serve as a medium of exchange, a unit of account, or a store of value, and that uses cryptography for the generation, allocation, and recording of units of the asset.

Crypto assets covered by the bill include, but are not limited to, meme coins, stablecoins, and any other crypto asset that is recognized by the Securities and Exchange Commission or the Commodity Futures Trading Commission.

The bill further states that any violation of the provisions of the bill will be punished by imprisonment for not more than one year, or by a fine of not more than $100,000, or both.

The bill also includes a provision that any person who is convicted of a violation of the provisions of the bill shall forfeit any crypto asset, property, or other instrumentality used in the commission of the offense.

The bill is now pending in both the House and Senate.