Proposed Bill Aims to Restrict Cryptocurrency Trading for U.S. Lawmakers and Supreme Court Justices

Proposed Ban on Cryptocurrency Trading for U.S. Lawmakers

A proposed bill in the U.S. Congress seeks to restrict lawmakers, Supreme Court justices, and their immediate family members from trading cryptocurrencies while in office. The initiative, led by Zoe Lofgren, chair of the Committee on House Administration, aims to address financial conflicts of interest among government officials.

Key Provisions of the Bill

The framework, released on Thursday, outlines a plan to limit the financial activities of lawmakers and their families. If passed, the bill would prohibit the trading of cryptocurrencies by members of Congress, Supreme Court justices, and their spouses and children. This move follows the 2012 passage of the Stop Trading on Congressional Knowledge Act (STOCK Act), which required lawmakers to disclose certain financial transactions but did not outright ban trading.

Implications for Transparency and Trust

The proposed legislation reflects growing concerns over potential conflicts of interest in government. By restricting cryptocurrency trading, the bill aims to restore public trust and ensure that public officials prioritize national interests over personal financial gains. The measure could also set a precedent for broader restrictions on financial activities by government officials.

Next Steps for the Bill

The bill’s framework is the first step in a legislative process that requires approval from both the House and Senate. If passed, it would mark a significant shift in how financial transactions are regulated for U.S. lawmakers and justices. The proposal underscores the ongoing debate over ethical standards in government and the need for greater transparency in public office.