Friday, May 20

Members of the US House ask that legislators cannot trade stocks: are cryptocurrencies next? By CoinTelegraph


©Reuters. Members of the US House ask that legislators cannot trade stocks: are cryptocurrencies next?

Congressmen currently HODLing or actively trading cryptocurrencies may need to stop doing so while in office if recent attempts to ban lawmakers from investing in stocks gain enough support.

In a Monday letter to House Speaker Nancy Pelosi and Minority Leader Kevin McCarthy, 27 members of the US House of Representatives called for action “to prohibit members of Congress own or trade stock. Among the bipartisan group of lawmakers who signed the letter was Illinois Congressman Bill Foster, who is also a member of the Congressional Blockchain Caucus. Additionally, the letter appears to have the support of diametrically opposed politicians on major issues such as progressive Democrat Rashida Tlaib and Republican Matt Gaetz, who is reportedly under investigation by the Justice Department for alleged violation of traffic laws. sex and obstruction of justice.

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Members of Congress can currently buy, sell, and trade stocks and other investments while in office, but they are also required to disclose such moves by the Suspension of Trading in Knowledge of Congress Act, or STOCK Act, passed in 2012. law requires lawmakers to report any purchase, sale, or trade of more than $1,000 within 30 to 45 days, but provides minimal financial and legal consequences for not filing on time. Monday’s letter noted that the STOCK Act “had been violated hundreds of times since 2020 alone.”

Read the full article on Cointelegraph

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