Congress is keeping a close eye on crypto as an investment opportunity. According to one analysis, eight lawmakers or their immediate families have traded cryptocurrencies with bets ranging from about $1,000 to $100,000 in the past year. Among the investments was even Dogecoin (DOGE). cryptocoin.com We convey the details as…
The focus of US authorities is DOGE and these altcoin projects!
Seven Republicans have bought or sold crypto, including Senator Pat Toomey of Pennsylvania, a senior member of the banking committee. Only one Democrat, Marie Newman of Illinois, reported a transaction, according to the analysis. The most popular cryptocurrency by far has been Bitcoin, with an estimated $229,000 total trades including an ETF. The second was Ethereum (ETH), which totaled about $40,000. Lawmakers even got into the meme token trend, trading around $32,000 in Dogecoin (DOGE).
Members of Congress also tinkered with Cardano (ADA), Stellar (XLM), Celo (CELO), Chainlink (LINK), Basic Attention Token (BAT), and EOS. Each transaction is reported as a range rather than a specific value. Analysis is based on congressional financial statements and information from Capitol Trades, a public database compiled by 2iQ.
What was the average investment of the authorities?
Crypto trading is creating another wrinkle in the debate in Congress about potential conflicts of interest. The cryptocurrency industry is stepping up its lobbying system as lawmakers and regulators weigh in on new rules for the industry. However, it is unclear whether cryptocurrency will be covered under MPs’ proposals to ban individual stock trading.
Senator Toomey bought shares of Grayscale’s BTC and ETH investment vehicles in June, with each purchase valued between $1,000 and $15,000. Lummis was one of the first lawmakers to invest in crypto. The most active crypto trader in Congress over the past year has been Mark Green. It reported 16 transactions, mostly through a joint account, costing around $1,000 to $15,000 each. His spokesperson said the transactions were handled by a financial advisor who gave written instructions not to take any instructions from the congressman. Texas Representative Michael McCaul announced that his son has invested between $1,000 and $15,000 in the Grayscale Bitcoin Trust.
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