The US Proposes Ban On Cryptocurrency Exchange Officials

Members of the United States House of Representatives and Senate, as well as Supreme Court judges, who are actively trading cryptocurrencies, may be forced to halt HODLing if a measure passes.

According to a framework released on Thursday, Committee on House Administration Chair Zoe Lofgren said she had a “meaningful and effective plan to combat financial conflicts of interest” in the United States Congress by restricting the financial activities of lawmakers and Supreme Court justices, as well as their spouses and children.

If enacted as written, the measure would signal a shift in policy following the 2012 enactment of the Stop Trading on Congressional Knowledge Act, which allowed members of Congress to buy, sell, and trade stocks and other investments while in the office while also requiring them to disclose such transactions. Lofgren said:

“Congress can act to restore the public’s faith and trust in their public officials and ensure that these officials act in the public interest, not their private financial interest, by restricting senior government officials — including Members of Congress and the Supreme Court — and their spouses and dependent children from trading stock or holding investments in securities, commodities, futures, cryptocurrency, and other similar investments and from shorting stocks.

I will soon introduce legislative text for a bill built on this framework for reform. Many Members have already concluded that reforms are necessary.”

According to the framework, parliamentarians and Supreme Court judges may still own and publish a portfolio of diversified mutual funds, exchange-traded funds, Treasury bills, and other investments that did not “offer the same potential for conflicts of interest.”

The House Press Gallery’s Twitter account announced on Thursday that the proposed legislation might be considered as early as next week.

Senators Jon Ossoff and Mark Kelly introduced identical STOCK Act changes in January, but there has been no action on the measure in almost 8 months. House Speaker Nancy Pelosi, according to Lofgren, charged the committee with investigating any financial conflicts of interest in Congress.

However, the speaker previously resisted efforts to prevent politicians from holding or trading stocks, arguing that they should be permitted to do so.

Illinois Representative Marie Newman, Florida Representative Michael Waltz, Wyoming Senator Cynthia Lummis, Texas Representative Michael McCaul, Pennsylvania Representative Pat Toomey, Alabama Representative Barry Moore, and New Jersey Representative Jefferson Van Drew all have exposure to crypto investments. If the measure is passed, these members may face difficulties.

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Harold

CoinCu News