Biden calls for ban on congressional stock trading

United States President Joe Biden has expressed support for banning members of Congress from trading stocks while in office.

“Nobody in the Congress should be able to make money in the stock market while they’re in the Congress,” Biden reportedly stated in an upcoming interview with labor advocacy group More Perfect Union.

Although President Biden has remained largely silent on legislative efforts to restrict stock trading by Congress members, bipartisan support for such measures has grown.

In July, lawmakers proposed a ban on trading various assets, including securities, commodities, and cryptocurrencies, for the president, vice president, and Congress members.

The proposals aim to address potential conflicts of interest and increase public trust.

The STOCK Act, passed in 2012, already requires Congress members to disclose their financial holdings.

Some lawmakers, such as Georgia Representative Mike Collins and Wyoming Senator Cynthia Lummis, have reported investments in cryptocurrencies, while others like Texas Senator Ted Cruz disclosed Bitcoin (CRYPTO:BTC) holdings.

The president-elect, Donald Trump, also holds significant cryptocurrency assets through his decentralised finance project.

Critics argue that such holdings could create potential conflicts of interest if legislative priorities align with personal financial interests.

President Biden’s stance on digital assets has been limited.

However, in 2022, he issued an executive order to establish a regulatory framework for cryptocurrencies.

The proposed ban could also extend to the Supreme Court justices, who currently face scrutiny over stock trading while presiding over cases with potential conflicts.