WASHINGTON DC – Delicia Hand, senior director, digital marketplace, at Consumer Reports issued the following statement today on Representative Maxine Waters’ bill that prohibits the President, Vice President, and members of Congress, along with their families, from owning digital assets.
“Consumer Reports supports the development of a clear ethical framework to govern digital asset involvement by public officials and commends lawmakers for tackling this issue head-on. Americans need to be able to trust that our leaders in Washington who are shaping crypto and digital asset policy are acting in the public interest – and not for personal profit. As digital assets become more visible in the economy and in political discourse, this bill takes an important step toward drawing a clear line between public duty and private gain.
“This bill arrives at a moment when digital assets are rapidly evolving and consumer risks are growing. High-profile, self-dealing scandals, unregulated promotional activity, and speculative behavior by influential figures have exposed significant gaps in ethics oversight. Americans deserve to know that public officials are not profiting from the same volatile and opaque markets they are helping to shape.
“The bill prohibits covered officials and their immediate family members from owning, promoting, or receiving compensation tied to digital assets. It includes strong anti-evasion language, addressing indirect ownership through trusts, shell companies, or wallets. It also provides a modern, inclusive definition of digital assets, covering everything from stablecoins to NFTs and decentralized finance protocols.
“Consumer Reports supports the intent of this legislation and believes that a strong, well-crafted policy governing potential conflicts of interest for government officials shaping digital asset policy is essential. We have offered recommendations to strengthen the bill by clarifying the treatment of passive ownership, transactional use of digital assets, and expanding coverage to other senior officials with regulatory authority.”
Media Contact: Michael McCauley, michael.mccauley@consumer.org