The Senate committee has voted in favor of a bill that restricts stock trading by Congress members, aiming to eliminate conflicts of interest.
Bill Discussion
The bill, known as the Honest Act, was originally named the PELOSI Act. It prohibits stock trading by members of Congress and their spouses. The committee approved it with an 8-7 vote.
Support and Opposition
Senator Josh Hawley was the only Republican in favor of the bill, stating that 'members of Congress should be focused on delivering results for their constituents, not returns on investments'. Senator Bernie Moreno opposed it.
Impact on Cryptocurrency Market
The legislation, which focuses on traditional stocks, does not affect cryptocurrencies like Bitcoin and Ethereum. As a result, the digital asset market remains stable and is unaffected by the new legal requirements.
The advancement of the bill aimed at banning stock trading may enhance public trust in Congress; however, the impact on the cryptocurrency market remains minimal.
