In the next US Congress, Republicans will be in charge due to a slim majority following the 2022 Midterm Elections, but Democrats will hold a majority in the Senate, according to Cointelegraph.
According to Cointelegraph, US politicians have indicated their support for legislation that would prohibit members from investing in stocks or cryptocurrencies. This legislation can be handled by the 118th Congress following a change in leadership.
According to Cointelegraph, the next session of the US Congress will start on January 3, 2023, and Republicans will be in charge due to a tiny majority following the 2022 Midterm Elections, while Democrats will hold a majority in the Senate. According to reports, Republican executive Kevin McCarthy made a statement in January 2022 about banning politicians from owning and trading equities, which might also apply to cryptocurrency.
Depending on information from Cointelegraph, it’s unclear if McCarthy will be able to take over as Speaker of the House. Many people have suggested that elected politicians should be allowed to trade and own certain assets while serving in government. According to reports, 77 members of Congress broke the Stop Trading on Congressional Knowledge Act during the 117th Congress (STOCK Act). In the year 2022, financial links between US legislators and business executives were problematic. Sam Bankman-Fried, the former CEO of the cryptocurrency exchange FTX, and other FTX executives have contributed to Republican and Democratic political campaigns and candidates.
Additionally, according to Cointelegraph, Zoe Lofgren, the chair of the Committee on House Administration, unveiled a plan for lawmakers to amend the STOCK Act in 2022 to prohibit members of Congress and the Supreme Court from “trading stock or holding investments in securities, commodities, futures, cryptocurrency, and other similar investments.” According to reports, the Federal Open Market Committee approved identical regulations to exclude top Federal Reserve employees from investing in and storing cryptocurrency.
