Congress trades digital assets
A new schism may be developing along partisan lines as the House tries to hammer out a bill on rules for Members who own and trade stocks -and crypto, too.
According to Politico, Reps. Abigail Spanberger (D, VA) and Chip Roy (R, TX), who are creating the proposal, are split on crypto. Rep. Spanberger is of the view “the bill should treat crypto assets the same as stocks.”
But, Rep. Roy tells Politico that crypto is different: “Because allowing people to hedge against the dollar that’s getting destroyed on a regular basis, I’m not sure if I want to completely preclude people’s ability to do that.” Rep. Roy appears to be making an argument commonly made by Bitcoin advocates.
The original bill was introduced in January 2023 with broad bipartisan (74 co-sponsors including 17 Republicans) support and is known as “Transparent Representation Upholding Service and Trust in Congress Act” [H.R.345] or TRUST Act.
more tips:
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- Is Bitcoin an Inflation Hedge? Here Are the Arguments on Both Sides (October 2023) – The Wall Street Journal
what you should know: Along with Rep. Roy (R), Rep. Spanberger (D) voted for FIT 21. But, unlike Rep. Roy, she voted against the SAB 121 resolution. Continue reading “IRS Broker Rule Befuddles Industry; Congress Wonders If Stocks, Crypto Trading Is The Same”