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 it excludes crypto holdings. When pressed as to why the House could not “copy and paste” a senate resolution that was passed banning members from certain insider trading, all Rep. Steil could muster is “I’m fully supportive of my legislation moving forward…”

Watch the exchange here and read key excerpts below.

REP. JOE NEGUSE [0:00:41] Let’s use your language…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 

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NEGUSE [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.

NEGUSE [0:01:44] Okay, you’re the chair.

STEIL [0:01:45] Along with others. But yes. 

NEGUSE [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…