New York Lawmaker Gives Reason for Holding No Crypto, Urges Colleagues to Do Same

Senator Ocasio-Cortez

December 9, 2021

Reading Time: 2 minutes

Congresswoman Alexandria Ocasio-Cortez revealed she chose not to hold Bitcoin or any other digital assets to stay impartial and unbiased.

New York representative Ocasio-Cortez disclosed her stand via her Instagram account on Monday. Senator Ocasio-Cortez was replying to a fan who had asked her whether she invested in Bitcoin. According to Alexandria, the decision is to do her job as ethically and impartially as possible. The congresswoman is staying clear of stocks, investments, and all digital assets.

Holding Digital Assets Creates a Conflict of Interest: Congresswoman AOC

Congresswoman Alexandria Ocasio-Cortez, popularly known as AOC, explains why she chose this stand. She describes the act of U.S. representatives holding crypto as absolutely wild. AOC continues that it is completely unethical for the representatives to hold these digital assets while still being responsible for making policies about these investments.

Holding digital assets creates a conflict of interest for the representatives. The conflict is especially present in the current time when crypto is growing as fast as the call for regulation.

AOC is a member of the House of Representatives Financial Services Committee. She has a voice in matters such as the oversight of Wall Street and financial institutions.

Senator Ocasio-Cortez and lawmakers who may be in the same position, have access to sensitive information and first-hand information on the upcoming policy. An investor with such access would be tempted to trade in favor of the policy or make a vote on policies in favor of his/her investment.

Should Representatives Hold or Not Hold Digital Assets?

The Instagram story is not the first time AOC has spoken about this matter. In August, the Democrat senator mentioned the same thing. She states that it should not be legal for members of Congress to buy and sell individual stocks. This was after Senator Rand Paul revealed his wife’s investment in Gilead Company.

Although New York representative Ocasio-Cortez may have valid points in the opinion of some, not all representatives would agree with her. Republican Senator Cynthia Lummis is a vocal Bitcoin holder. As alluded by AOC’s theory, in Lummis’ home state, there several crypto-friendly laws have been passed.

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8 months ago

On the same principle they shouldn’t hold stocks either!

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