Markets
Stock ban bill sponsors reportedly clash over US lawmakers trading crypto holdings – DL News
- Sponsors of the bipartisan bill in the U.S. House of Representatives differ on crypto, Politico reports.
- They agree that lawmakers should be banned from trading stocks.
- Trading crypto stocks is becoming a problem to solve.
Whether a bipartisan bill to restrict lawmakers’ stock trading should also apply to their crypto holdings is a question that has divided the two sponsors of the House of Representatives’ stock ban legislation . Policy reported.
Reps. Abigail Spanberger, a Democrat from Virginia, and Chip Roy, a Republican from Texas, are leading the charge on the bill that would require stocks to be placed in blind trusts so lawmakers cannot trade on inside information , according to the report.
Yet even though Spanberger wants cryptocurrencies to be treated like stocks, Roy isn’t so sure.
“It’s a little different,” Roy said Policy. “Because allowing people to hedge against the dollar being destroyed on a regular basis, I’m not sure I want to completely rule out that capability.”
Spanberger argues that stocks and cryptocurrencies are similar in that their value can be influenced by lawmakers.
Their conflict is the latest indicator of the growing visibility of the burgeoning crypto industry in Washington, as well as a war chest exceeding $100 million to support the election of pro-crypto politicians who could potentially contribute to creating a more favorable regulatory environment.
This may also be a timely debate since last month the House passed historic crypto bill FIT21 – which would create a more defined crypto regulatory market – on a bipartisan vote as digital assets become increasingly political just months before the November presidential election.
Both Spanberger and Roy supported the bill.
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Political alliance Stick with crypto gives both an A grade for their overwhelming support of the industry.
Stay tuned as they try to determine what Policy called a “cryptographic conundrum”.
Crypto market players
- Bitcoin is down 0.12% today at $64,357.48.
- Ethereum is up 0.47% today at $3,508.25.
What we read
Falling Bitcoin Prices and Crypto Market Turmoil Intensify – Is Germany to Blame? — Cointelegraph
Real Bitcoin fallout will soon be ‘obvious’ after Fed triggers $620 million in ETF outflows — DL News
Winklevoss twins receive over $300,000 reimbursement from Trump campaign — CryptoSlate