Democratic lawmaker Alexandria Ocasio-Cortez stated Monday that she avoids all investments that may represent a conflict of interest, including cryptocurrencies, and believes her fellow lawmakers should do the same.
She explained that, as a member of the House Financial Services Committee, she found it inappropriate for her to have Bitcoin (BTC) or other digital assets. because legislators have access to “sensitive information and upcoming politics.”
“I don’t think members of Congress should have / trade individual stocks and I choose not to have any in order to remain impartial on policy making.”said AOC. “I also extend that to digital assets / currencies […] I want to do my job as ethically and impartially as I can. “
AOC, a progressive legislator who has served in the United States government since 2019, has advocated for wealthy people to pay more federal taxes, spoke out about sexism in Congress, and called for cancellation of student loan debt. He is also a member of a group of six members of the House of Representatives known colloquially as “‘The Squad.”
Although Members of Congress can buy, sell and trade stocks and other investments while in office, they are also required to comply with the Stop Trading on Congressional Knowledge Act, or STOCK Act, passed in 2012, which requires them to report any purchase , sale or exchange of more than $ 1,000 in a period of 30 to 45 days. However, many federal judges and legislators would have circumvented the law by not disclosing certain investments.
In the case of cryptocurrencies held by members of Congress, it would appear to be an option to track investments using a public blockchain database, hence both House and Senate leadership could avoid putting lawmakers in a position where they would be determining policy on cryptocurrencies and blockchain if it looks like a conflict of interest. Senator Cynthia Lummis reported buying BTC worth between $ 50,001 and $ 100,000 in August. Even though Senator Lummis was openly in favor of cryptocurrencies before taking office, she still served on the Senate Banking Committee.
Keep reading: