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Steube Faces Insider Trading Accusations Over Palantir Stock

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  Published in Stocks and Investing on Thursday, February 26th 2026 at 4:51 GMT by Finbold | Finance in Bold
      Locales: District of Columbia, Virginia, California, UNITED STATES

Washington D.C. - February 26th, 2026 - Representative Greg Steube (R-FL) is once again at the center of a controversy surrounding his personal stock trades. A recent purchase of Palantir Technologies (PLTR) stock, made just days before the company announced the removal of its products from a Ukrainian government website, is drawing accusations of potential insider trading and reigniting the long-standing debate over whether members of Congress should be allowed to trade individual stocks.

According to financial disclosures, Steube acquired between $50,000 and $100,000 worth of Palantir shares on February 22nd. Three days later, Palantir announced it was withdrawing its data analytics services from Ukraine, citing data privacy and security concerns. This announcement triggered a significant drop in Palantir's stock price, leaving investors reeling and fueling suspicions that Steube may have had prior knowledge of the unfavorable news. Watchdog groups are labeling the trade as "super suspicious," demanding a thorough investigation.

A Recurring Pattern: Steube's Previous Trading Activity

This is not an isolated incident for Steube. In 2025, he was previously criticized for a series of trades involving defense contractors that occurred shortly before key congressional votes concerning military aid to Ukraine. Critics pointed to the timing as evidence of potential conflicts of interest, alleging that Steube may have been leveraging his position on relevant committees to profit from non-public information. These prior instances, combined with the recent Palantir trade, are strengthening calls for stricter oversight of congressional financial activities.

The STOCK Act: A Failed Solution?

The debate over congressional stock trading is not new. The Stop Trading on Congressional Information (STOCK) Act of 2012 was enacted with the intention of preventing lawmakers from using non-public information for personal financial gain. The Act requires members of Congress to publicly disclose their stock trades within 45 days. However, critics argue that the STOCK Act lacks teeth and contains loopholes that allow lawmakers to continue benefiting from insider information. The 45-day disclosure window, for instance, allows trades to be completed and profits realized before the public is aware, mitigating the impact of transparency.

Furthermore, the STOCK Act does not prevent spouses or family members from trading, creating opportunities for indirect profiting from congressional knowledge. Enforcement mechanisms are also seen as weak, with limited penalties for violations. The lack of effective enforcement has led many to believe the STOCK Act has failed to address the underlying ethical concerns.

Palantir's Ukraine Withdrawal: A Closer Look

Palantir Technologies, known for its data analytics platforms used by government agencies and private companies, had been providing services to Ukraine as part of a broader effort to aid in the country's defense against ongoing conflict. The company stated that the decision to withdraw its services was made to protect sensitive data and ensure compliance with evolving privacy regulations. However, the timing of the announcement, coinciding so closely with Steube's stock purchase, is adding fuel to the fire. Some analysts suggest the withdrawal may also reflect a reassessment of the long-term viability of Palantir's involvement in the region, given the ongoing instability.

Growing Momentum for a Congressional Trading Ban

The latest controversy surrounding Steube's trade is bolstering a growing movement to ban members of Congress from owning and trading individual stocks altogether. Advocates argue that even the appearance of impropriety erodes public trust in government. Several proposed bills, including the Ban Congressional Stock Trading Act, aim to achieve this by requiring lawmakers to place their assets in a blind trust or divest their holdings.

"The public deserves to know that their elected officials are acting in their best interests, not trying to line their own pockets," stated Eleanor Rigby, director of government accountability organization, Citizens for Ethical Governance. "A complete ban is the only way to truly eliminate the potential for conflicts of interest and restore faith in our institutions."

The debate is expected to intensify in the coming weeks, with pressure mounting on Congress to address the issue before the 2026 midterm elections. While some lawmakers defend their right to participate in the stock market, arguing it's a fundamental freedom, the growing public outcry and increasing scrutiny suggest that meaningful reform is becoming increasingly likely. The Steube case serves as a potent reminder of the ethical challenges facing lawmakers and the urgent need for greater transparency and accountability.