Thu 05 Jan 2023 ▪ 12:00 ▪
3
min read – from
Time passes, but the freezing winter that shakes the cryptocurrency world remains constant. Indeed, while all top congressional officials are being asked to declare the majority of their cryptocurrency reserves, several industry leaders are crying out for corruption. On the other hand, some lawmakers are proposing measures that further shake up the cryptocurrency world.
No more cryptocurrencies in US Congress?
The 118th session of the US Congress may remain memorable. In fact, starting January 3, 2023, the Republicans will take control of the House of Representatives. While the Democrats will keep the majority in the Senate. The Republican Kevin McCarthycandidate for Speaker of the Chamber, has issued measures prohibiting legislators hold or trade shares. However, several traders fear that this measure extends to cryptocurrencies.
Similarly, last September, Zoe Lofgrenchairman of the Chamber Administration Commission, proposed a series of measures to amend art Inventory law. There has been talk of banning members of Congress and the Supreme Court from trading or holding stock. Likewise, their spouses and dependent children would not have the right to invest in stocks, futures, commodities and, of course, cryptocurrencies. This bill was approved by Federal Open Market Committee.
The goal here is to address the concerns of players in the crypto space who question the credibility and impartiality of lawmakers during hearings. For example, in 2022, cryptocurrency exchange FTX, through the voice of its former CEO Sam Bankman-Fried, made contributions to politicians. Thus, Republicans and Democrats have benefited from donations and aid during the campaigns of some blockchain players.
Additionally, 77 lawmakers are guilty of breaking the law Stop trading the Congressional Knowledge Act. This establishes disclosure requirements that all members of Congress must comply with. The disputed violations concern the late declaration of authorized operations and suspicions of non-impartiality of the sentences.
Conclusion
The financial ties between US lawmakers and cryptocurrency industry leaders are often contentious. In an effort to put a stop to that, Zoe Lofgren and Kevin McCarthy have proposed measures that ban US lawmakers from investing in several blockchain options, including cryptocurrencies.
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PhD student in financial law and expert SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading, etc. He naturally participates thanks to his articles in the daily blockchain revolution for a better democratization of DeFi.