Do U.S. Lawmakers Own Crypto?
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Do U.S. Lawmakers Own Crypto?

11 months ago

A recent report from Insider breaks down just how many Senators and Congressmen own BTC and other coins.

Do U.S. Lawmakers Own Crypto?


U.S. lawmakers haven’t yet agreed on how to regulate cryptocurrencies, but that hasn’t stopped a handful of pioneers from investing in crypto anyway.   

According to an analysis of federal records by news outlet Insider, quite a few government officials have their hands in the crypto market.
So far, according to 2020 records, one Senator and four Congressional representatives have either bought crypto directly or invested in crypto-related firms. 

Republican Senator Cynthia Lummis is the most vocal crypto supporter in Senate, which shouldn’t come as too surprise because…well…she’s the only Senator who owns crypto. 

During the CNBC Financial Advisor Summit back in June 2021, Senator Lummis said, “I would like to see cryptocurrency like bitcoin become part of a diversified asset allocation that are used in retirement funds and other opportunities for people to save for the future.”
Senator Lummis first bought Bitcoin way back in 2013, when its price hovered at around $320. The senator from Wyoming reportedly bought more Bitcoin in August this year, when BTC’s price hovered between $40-50,000. 

Exactly how much BTC Senator Lummis owns isn’t clear, but it’s likely she owns at least five and probably around seven Bitcoin. 

Supporters of Senator Lummis can also donate to her campaign efforts in Bitcoin through the BitPay app.

Similarly, Democratic congressional candidate Aarika Rhodes has built support for crypto into her campaign platform, and also accepts campaign donations through BitPay. 

Rhodes claims that her support for crypto has led to the crypto community giving her campaign a “really big boost” in donations.

Crypto for Congress

Congressional representatives from both sides of the aisle have reported to either own crypto directly or invest in firms who trade crypto on their behalf.

The thirty-three-year-old democratic freshman Jake Auchincloss disclosed an investment of up to $15,000 in Flipside Crypto, which provides analysis and business intelligence to crypto firms. 
Barry Moore, the republican from Alabama, reportedly invested up to $15,000 into crypto through a brokerage in his home state, although it isn’t clear which cryptocurrencies the congressman owns. 

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New Jersey Republican Jeff Van Drew disclosed an investment of up to £250,000 in Grayscale, a large digital currency management firm offering investors exposure to crypto through various financial products. 
Marie Newman, the congresswoman from Illinois, along with her husband Jim Newman, traded Coinbase stock sixteen times. Jim also reportedly bought up to $50,000 worth of Greyscale Bitcoin Trust Stock. 

Crypto Goes On to Capital Hill

The Insider report also revealed that 21 of “high-ranking” Capitol Hill staffers traded Ethereum, Dogecoin and a number of other cryptos this year. 

The number of mid and low-ranking staffers who trade crypto isn’t known, as they aren’t required to submit financial disclosures. 

Given that the average Senator is 64 years old, it isn’t that surprising that just one Senator has bought crypto so far. After all, younger generations are far more likely to hold crypto than their world-weary elders. 

Crypto Deniers

Despite the increasing legislative support on the Hill for crypto, a number of key figures remain vocally critical of digital currencies. 

Senator Elizabeth Warren recently said during a Senate Banking Committee hearing, “DeFi is the most dangerous part of the crypto world… In DeFi, someone can’t even tell if they’re dealing with a terrorist.”
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