ICYMI: Rep. Bryan Steil Admits his Anti-Insider Trading Legislation Doesn’t Include Crypto Holdings
“I’m fully supportive of my legislation moving forward…”-Crypto Sub-Committee Chair Rep. Bryan Steil
MADISON, Wis.—Rep. Bryan Steil appeared before a House Committee where he was forced to tell the truth about his anti-insider trading legislation, admitting that the legislation excludes crypto holdings. When pressed as to why the House could not “copy and paste” a senate resolution, which was passed, banning members from certain insider trading, to wit Rep. Steil said “I’m fully supportive of my legislation moving forward.”
Watch the exchange here and read key excerpts below.
REP JOE NEGUESE [0:00:41] Let’s use your language. Thanks, Maract. Under current House rules, members of Congress can buy crypto holdings, and under your bill, that does not change, right? There’s no change. Okay. And under current House rules, members of Congress can buy stocks through private placements, and under your bill, that does not change, right? No change. Okay. And under current House rules, members of Congress can buy stocks, or excuse me, can buy industry-specific mutual funds, right?
REP. BRYAN STEIL [0:01:05] That’s accurate
NEGUESE [0:01:05] And that does not change under your bill.
STEIL [0:01:07] Not change.
NEGUESE [0:01:07] Okay, and under current House rules, members of Congress can buy bonds, right? And under your bill, that does not change.
STEIL [0:01:15] Still, buy bonds
NEGUESE [0:01:15] And there are countless other pieces of legislation that members of Congress have introduced, myself included that would ban all of what I just described. That is the point. I would say with respect to mr. Morrell’s comment about the prediction markets, I do not understand. And perhaps you can illuminate this for me. The House Administration Committee has jurisdiction over member participation in prediction markets, right?
STEIL [0:01:44] That’s accurate.
NEGUESE [0:01:44] Okay, you’re the chair
STEIL [0:01:45] Along with others. But yes,
NEGUESE [0:01:47] You’ve got principal jurisdiction. Yes, you’re in charge. Okay. Four months ago, the United States Senate, on a bipartisan basis, on a voice vote, took action and said, “You know what? No senator in this body is allowed to make bets on prediction markets. Every Republican, every Democrat agreed to it. Why can’t we?
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STEIL [0:02:49] I’m fully supportive of my legislation moving forward…
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