In recent weeks, the debate that haunts the members of Congress is whether or not they should trade using cryptocurrencies or other digital assets. A few ministers believe that the currency is making serious headway, and thus its inclusion into the economy should be allowed.
During a press conference, Pennsylvania’s Senator Pat Toomey stated that the members of Congress should be allowed to trade with cryptocurrency and other digital assets. He further added that for this to be possible, the members of Congress should be issued with information on various digital assets that the public was not privy to.
Controversy as members of congress trade cryptocurrency
Recently, President Bidden issued a legislative directive that implements laws that govern the use of cryptocurrency. However, this decision sparked controversy when members of Congress took part in the trading of cryptocurrencies.
The members of Congress implicated were part of the team that assisted President Bidden in discussing the currencies.
Congress’s buying of cryptocurrency stocks is estimated to be $570,000 in crypto-assets and $290 million In stocks in 2021 alone.
This decision landed half of Congress in trouble as it should be based on integrity and transparency.
Cryptocurrency is an industry that diversifies and grows fast; therefore, a few of those in Congress believe that digital assets have the power to diversify an investor’s portfolio.
Congress trading in crypto could interfere with freedom to trade
Congress’s involvement in the trading process broke the country’s trading rules. This implementation is because Congress develops and formulates regulations to control the crypto market; therefore, the indication of members of congress trading under the same regulations hinders the freedom to trade.
Several legislative events like the senate passage of the infrastructure bill yielded similar effects where members of Congress create laws for their benefits and unfair gains.
Last year, politicians earned millions of dollars in profits from trading in various industries they regulate.
Senator Toomey also stated that even with a stance on cryptocurrencies and digital assets, he still advocates for a free market and lower taxes to help the average American survive.
Several members of Congress argue that they should be permitted to trade with cryptocurrencies.