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An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Covered individual

Refers to the President, Vice President, a Member of Congress, an individual appointed to a Senate-confirmed position, or certain special government employees associated with the Executive Office of the President.

Prohibited financial transaction

Actions like creating, sponsoring, or publicly backing a cryptocurrency, NFT, or other digital asset that is sold for money. It also includes acquiring similar financial interests through complex methods like derivatives, but it does NOT include simply buying, selling, or holding widely available financial assets.

Cryptocurrency

A digital or virtual currency secured by cryptography, making it nearly impossible to counterfeit. Many are decentralized and based on blockchain technology.

Non-fungible token (NFT)

A unique digital asset that represents ownership of real-world items like art, music, or videos. Unlike cryptocurrencies, they are not interchangeable.

Stablecoin

A type of cryptocurrency designed to maintain a stable value, often by pegging it to a 'stable' asset like the U.S. dollar or gold, to reduce price volatility.

Synthetic means

Refers to financial strategies that replicate the economic exposure of owning an asset without actually owning it directly, often using financial contracts like derivatives (e.g., options or warrants).