President Joe Biden has expressed support for a ban on stock trading by members of the United States Congress.
This marks one of the first times the president has publicly addressed lawmakers’ efforts to limit financial activities. Previous proposals to restrict stock trading have gained bipartisan backing in Congress.
His comments are part of a December 17 interview with the labor advocacy group More Perfect Union, scheduled for release in the next few days.
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During the discussion, Biden reportedly stated that “nobody in Congress should be able to make money in the stock market while they’re in Congress”.
President Biden noted that during his 36 years as a senator representing Delaware, he relied solely on his salary and avoided trading stocks. This personal practice reflects his view that financial independence from market investments is essential for public officials to maintain trust.
However, it remains unclear if Biden’s support extends to the US Supreme Court. Justices are currently allowed to trade stocks, though they face scrutiny over potential conflicts of interest if they do not recuse themselves from cases related to their holdings.
Although President Biden has not frequently spoken about cryptocurrencies, he issued an executive order in 2022 aimed at creating a regulatory framework for digital assets.
While President Biden advocates for financial transparency among U.S. lawmakers, Brazil faces its own financial challenges. With the Brazilian real weakening and stablecoin use rising, Brazil’s central bank has proposed restrictions on stablecoin transfers. How would these measures impact Brazilian crypto users? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
