The $580MM transaction described in the article is already 1,000 times larger than the alleged congressional insider trading by Paul Pelosi that caused Sen. Hawley to introduce the PELOSI act.
Honestly the PELOSI act is a step in the right direction, and should be extended to include all kinds of cryptocurrency and real estate. Also the president and his extended family should be included in it.
The only problem is in the name. It's clearly just to score political points. I'd be surprised if it gets approved.
There are more recent versions with better names, like the Restore Trust in Congress Act[0], and one introduced a few days ago to ban congresspeople and the president (as well as their immediate family members) from betting on prediction markets[1].
I can only imagine the GP mentioned the PELOSI act (which, as I recall, was cosponsored by Nancy Pelosi and blocked by Republicans) because it was designed to be partisan messaging.
The only problem is in the name. It's clearly just to score political points. I'd be surprised if it gets approved.