Foreign media names 74 US lawmakers for delaying disclosure of stock holdings, stock laws have failed to regulate trading behavior for many years

Foreign media "Business Insider" has compiled a list, showing that as many as 74 bipartisan members of Congress failed to disclose their stock holdings in a timely manner, which violates the stock law. However, with inconsistent penalties and records not being officially disclosed, it seems that the lawmakers are indifferent to the issue.

"Stock Act"

The U.S. Senate and House of Representatives passed "The Stock Act" in 2012, prohibiting insider trading by U.S. lawmakers and senior officials. It requires disclosure within 45 days of trading stocks, bonds, or commodities, with a $200 fine for non-disclosure, and repeat offenders may face fines in the tens of thousands of dollars in extreme cases.

However, Business Insider pointed out that reasons provided by these lawmakers for delayed disclosures include lack of clarity on regulations, errors in paperwork or accounting, and the ethics committees of both houses have consistently refused to disclose fine records, rendering "The Stock Act" virtually ineffective.

This is not the first time Business Insider has investigated this issue. In December last year, they found that 182 officials had failed to promptly disclose their holdings. Below is a compilation of lawmakers among these 74 officials who delayed disclosures and are related to cryptocurrency policy.

Democratic Lawmakers

• California Democratic Senator Dianne Feinstein: Previously requested Meta to disclose policies to combat cryptocurrency scams.

• Colorado Senator John Hickenlooper: Wrote to the SEC chairman, urging for clear standards on whether digital assets are considered securities.

• Rhode Island Senator Sheldon Whitehouse: Advocated for stricter restrictions on interactions between banks and cryptocurrencies.

• Michigan Senator Gary Peters: Claimed to investigate the role of cryptocurrencies in illegal activities last year.

• New Jersey Congressman Josh Gottheimer: Called for additional funding to the Treasury to combat illegal cryptocurrency activities.

Republican Lawmakers

• Alabama Senator Tommy Tuberville: Drafted a bill to allow cryptocurrencies like Bitcoin to be integrated into 401(k) retirement plans.

• Florida Senator Rick Scott: Urged for stronger regulation of cryptocurrency fraud.

• Tennessee Senator Bill Hagerty: Requested the SEC to ease enforcement actions against cryptocurrency platforms.

• Wyoming Senator Cynthia Lummis: Familiar with the crypto space, introduced a crypto financial innovation bill that had little impact. She made the list for delaying disclosure of a $100,000 Bitcoin purchase in August.

• North Carolina Congressman Madison Cawthorn: Allegedly promoted the meme coin Let's Go Brandon LGBCoin and failed to disclose ETH transactions.

• Ohio Congressman Warren Davidson: Co-sponsored a bill to introduce cryptocurrencies into retirement accounts.