Current members of Congress who are HODLing or trading crypto may have to stop. After a recent push for lawmakers to ban stock investments
In Monday’s letter to spokespersons Nancy Pelosi and Kevin McCarthy, 27 members of the U.S. House of Representatives were found.claimto have an action Among the two-party lawmakers who signed the letter was Illinois state legislator Bill Foster. which is a member of Congressional Blockchain Caucus with
The letter also appears to have received support from politicians opposing key issues such as Democrat Rashida Tlaib and Republican Matt Gaetz, which are under investigation by the Justice Department ininfringement chargeProstitution Laws and Obstruction of Justice
Members of Parliament are currently allowed to buy and sell stocks and other investments while in office. However, holdings must be disclosed according to the Stop Trading on Congressional Knowledge Act, or STOCK Act, passed in 2012. The law requires lawmakers to report any purchase, sale or exchange valued at over $1,000 within 30 days. Up to 45 days, the letter said the STOCK Act had “had been violated hundreds of times since 2020”.
“Clearly the current rules are ineffective,” the letter to Pelosi and McCarthy said. “Congress should close these loopholes by prohibiting members from owning or trading individual stocks while in office. This, in addition to ensuring that access to members’ information is not beneficial to them for stock trading as requested by the Act. This will put an end to the potential corruption of lawmakers in implementing policy outcomes that benefit their portfolios.”
“There is no reason for members of Congress to be allowed to trade stocks. Since we should focus on our work and serving our members. Perhaps this means that some of our colleagues are missing out on lucrative investment opportunities. but we don’t care We come to Congress to serve our country.”
Chairman Nancy Pelosi appears to have not yet responded to a letter from the council members. However, in December, she did.said “We are a free market economy. They should be able to participate in it.”
Currently, seven members of Congress from both the Senate and the House of Representatives have disclosed investments in crypto during their tenure.
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