Framework to ban members of Congress and SCOTUS from trading stocks includes crypto provision

U.S. Representatives, Senators, and Supreme Court Justices who currently trade cryptocurrencies may have to suspend HODLing while in office if the bill receives enough votes.

Zoe Lofgren, chairman of the House Trustees Committee in charge of routine affairs in the House, said there is “a meaningful and effective plan to combat financial conflicts of interest” in the United States, according to a framework released Thursday. Stated. Congress by restricting the financial activities of lawmakers and SCOTUS judges, and their spouses and children. If the bill is passed in accordance with the Framework, it would propose a change in policy, following the passage of the STOCK Act in 2012, to allow members of Congress to buy stocks and other shares while in office. You will be able to buy and sell your investments. We also require disclosure of such transactions.

By restricting senior government officials, including members of Congress and the Supreme Court, and their spouses, Congress will restore public faith and trust in public servants and ensure that these public servants serve the public interest rather than private financial gain. Dependent children by trading stocks and investing in securities, commodities, futures, cryptocurrencies, and other similar investments, and short-selling stocks, said Lofgren. said.

she added:

I will soon introduce the legislative text of a bill that builds on this reform framework. Many members have already concluded that reform is necessary.

The framework ensures that legislators and SCOTUS judges can continue to hold and disclose portfolios containing diversified mutual funds, exchange-traded funds, Treasury securities, and other investments that “do not have the same potential for conflicts of interest.” The bill’s framework also suggested that disclosed amounts would be more accurate and publicly available, rather than the “very broad” ranges currently used (e.g., $5 million to $25 million). is needed.

Under the Stock Act, legislators must report purchases, sales, or exchanges of investments over $1,000 within 30 to 45 days, but the law requires financial and Legal impact is minimal. The proposed framework would impose a fine of $1,000 on an individual every 30 days if he violated the disclosure rule, increase late fees to $500, and allow the Department of Justice to pursue civil lawsuits if necessary. I suggested allowing it.House Press Gallery Twitter account report On Thursday, the House said it could consider the bill as early as next week.

Senator John Ozoff and Senator Mark Kelly Proposed A similar reform of the STOCK Act took place in the Senate in January, but the bill has been idle for more than eight months. House Speaker Nancy Pelosi has ordered the committee to consider potential financial conflicts of interest in Congress, according to Lofgren. “They should be able to participate in it,” he said.

Related: Powers On Why Do U.S. Officials Ignore Ethics and Stock Laws in Stock Trading?

Illinois Rep. Marie Newman, Florida Rep. Michael Waltz, Wyoming Sen. Cynthia Ramis, Texas Rep. Michael McCall, Pennsylvania Rep. Pat Toomey, Alabama Rep. Barry Moore, New Jersey Rep. Many House members and senators, including lawmakers, have disclosed their exposure to cryptocurrency investments. Jefferson Van Drew. In December 2021, New York State Rep. Alexandria Ocasio her Cortez said U.S. lawmakers could not hold bitcoin (BTC) or other digital assets because they have access to “classified information and future policies.” said it was inappropriate.