US Lawmakers Eye Crypto Trading Ban for Politicians Amidst Ethics Concerns
A new proposal gaining traction in the United States targets the investment activities of policymakers, specifically focusing on digital assets. Unlike previous reforms like the STOCK Act, this initiative zeroes in on cryptocurrency holdings and trading by those in positions of power. The move is fueled by escalating ethical concerns surrounding potential conflicts of interest, especially considering the growing influence of crypto in policy and its significance in foreign investment, including Africa’s burgeoning tech scene.
Ro Khanna’s Initiative and the Call for Reform
US Representative Ro Khanna is poised to introduce a bill that would prohibit the President, their immediate family, and all members of Congress from owning or trading cryptocurrencies. This measure extends beyond previous regulations by directly addressing the ownership and trading of digital assets. The driving force behind this legislation stems from public outrage, particularly the recent pardon of Binance founder Changpeng Zhao, also known as CZ, by former President Donald Trump. Many view this pardon as a clear example of corruption and a conflict of interest within the existing political landscape. Khanna’s office emphasizes that the issue extends beyond simply regulating crypto; they see it as a broader problem of corruption where politicians have a vested interest in the very assets they regulate and policy initiatives they influence, impacting not only the US but also globally, including potential impacts in Africa’s evolving financial ecosystems.
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