It is a well-known fact that the relationship between cryptocurrencies and US Congressmen is not very good. However, it looks like these divisions may soon fade away as some politicians are already showing interest in crypto assets and regulatory debates are also moving towards some clarity.
It looks like more Congressmen are already taking positions in the crypto industry, according to a recent report by Unusual Whales, a platform that tracks unusual market activity. Noting that some legislators appear to have invested directly in crypto assets, the source also follows some lawmakers who have invested directly or indirectly in crypto.
Despite the uncertainty created by Biden’s infrastructure bill, which is trying to sneak in some crypto laws, and the volatile relationship between crypto and the Securities and Exchange Commission (SEC), members of Congress have $290,000,000 in stocks, $140,000,000 in options, and $124,000,000 in options. the dollar was traded in other securities (Private Equity funds and crypto).
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According to the report, Washington made a total of 25 direct transactions in 12 different cryptocurrencies. Surprisingly, among cryptocurrencies, the asset that attracted the most reaction from executives. Bitcoin (BTC) It was the most traded asset, and Senator Cynthia Lummis bought around $100,000 worth of BTC between 2013 and 2021, according to the filings.
Senator Pat Toomey, an outspoken and ardent crypto supporter, bought just $30,000 in crypto last year. The manager also added an equal amount of GBTC and ETHE to his portfolio during the period.
Other members in the lower chambers of parliament also made some purchases. Barry Moore, Alabama representative, valued at $45,000 Cardano (ADA) and if it’s worth $15,000 Ethereum (ETH) accumulated. The politician also last year Dogecoin (DOGE) It has also joined the craze and is thought to still hold a large chunk of the biggest meme cryptocurrency.
Representative Mark Green, the first lawmaker to disclose crypto assets, also added to his portfolio in April. Stellar (XLM), Chainlink (LINK), Dogecoin (DOGE), Ethereum Classic (ETC) and Eos (EOS) in March 2021 before adding Basic Attention Token (BAT) and Celo (CELO) he bought. While Green hasn’t publicly spoken out about cryptocurrencies, his financial statement makes his stance on the subject clear.
Although Democrat Marie Newman was not involved in the cryptocurrency discussions, she and Senator Toomey bought a stake of at least $50,000 in the Grayscale Bitcoin Trust. Given that the politician is in the Congressional Blockchain Group, Newman is expected to support Senator Lummis’s pro-crypto legislation.
However, while only six members of Congress have made their crypto holdings public, more are believed to hold crypto-related assets, such as shares in Coinbase, Nvidia, and PayPal, albeit indirectly.