Biden to ban stock trades for Congress?

Take a Break

Forex humour

25-12-2024 14:01

Biden to ban stock trades for Congress?

Open trading account Open demo account

Deposit money

Money withdrawal

Before leaving office, President Joe Biden decided to ban Congress from trading stocks! What consequences may such a decision cause?

According to Cointelegraph, President Joe Biden approved measures prohibiting Congress members from trading stocks while in office. He shared this stance in an interview with A More Perfect Union, emphasizing that no Congress member should profit from the stock market during their term.

Previously, Biden avoided commenting on restrictions or bans on Congress trading stocks. Let me remind you that in July 2024, both the House and the Senate supported a bill prohibiting the president, vice president, and Congress from trading financial instruments, including stocks, commodities, futures, options, and other assets.

The ban also covers cryptocurrency transactions since many Congress members hold digital assets under the STOCK Act of 2012. Biden has mentioned that he relies solely on his salary and does not engage in stock trading. In 2022, he ordered the creation of a regulatory framework for digital assets.

Experts suggest this could stir potential conflict between outgoing Biden and incoming President Donald Trump. By the way, Trump owns significant crypto assets and enjoyed strong support from the crypto industry during the 2024 elections. The Republican is not planning to abandon his campaign promises either.

Adding fuel to the fire, Trump announced plans to appoint a "crypto and AI Czar" and allowed Tesla CEO Elon Musk and ally Vivek Ramaswamy to form an advisory committee named after the meme token Dogecoin (DOGE). Analysts believe this initiative aims to boost cryptocurrencies. Senator Cynthia Lummis also proposed a bill to create a strategic Bitcoin reserve in the United States, which experts predict could significantly raise Bitcoin’s value.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Forex humour