While the crypto regulation is still under consideration, lawmakers and their families’ revelation of trading in thousands has raised questions. Congress is scrutinizing cryptocurrency as an investment opportunity. Various lawmakers and their families have traded in thousands in multiple cryptocurrencies.
Lawmakers interested in crypto trading
According to a CNBC analysis, eight lawmakers or members of their immediate families have traded cryptocurrencies in the last year, with bets ranging from $1,000 to $100,000.
Seven Republicans, including Pennsylvania Senator Pat Toomey, the banking committee’s ranking member, bought or sold cryptocurrency. According to the analysis, only one Democrat, Rep. Marie Newman of Illinois, reported a transaction.
In June, Toomey purchased shares in Grayscale’s bitcoin and ether investment vehicles, each worth between $1,000 and $15,000.
Lummis was one of the first members of Congress to invest in cryptocurrency when she purchased five bitcoins for about $300 each in 2013. According to her financial disclosures, she invested between $50,000 and $100,000 in August.
According to Newman’s financial disclosures, in November, her husband invested between $15,000 and $50,000 in the Grayscale Bitcoin Trust. In January, a joint account was used to purchase items ranging from $1,000 to $15,000.
Waltz purchased bitcoin twice in June, investing between $15,000 and $50,000 each time. He claimed that he made the purchases on the advice of his financial manager.
Rep. Mark Green, R-Tennessee, was the most active crypto trader in Congress last year. He reported 16 transactions totalling between $1,000 and $15,000, which were made using a joint account.
Top crypto preferences
Bitcoin was the most popular cryptocurrency, with trades totalling $229,000, including through an ETF. With a total value of around $40,000, ether came in second. Even legislators got in on the meme coin craze, trading about $32,000 in dogecoin.
Members of Congress also experimented with Cardano, Stellar, Celo, Chainlink, Basic Attention Token, and EOS, which are less well-known cryptocurrencies.
Take on regulations ahead
The cryptocurrency trades add to the debate in Congress about potential conflicts of interest. As lawmakers and regulators consider new regulations for the cryptocurrency industry, the industry’s lobbying machine is ramping up. However, it’s unclear if proposals to prohibit lawmakers from trading individual stocks would apply to crypto or not.
