The relationship between cryptocurrencies and the people at Capitol Hill has not always been smooth. It however seems the rift could soon fade away as regulation talks pick pace with some politicians already developing interest in crypto assets.
According to a recent report by Unusual Whales, a platform that tracks unusual market activity, more Congress members seem to already be taking positions in the wider crypto industry. While some seem to have invested directly in crypto assets, the resource tracked some lawmakers who have either directly or indirectly been investing in crypto.
Despite the uncertainty created by Biden’s infrastructure Bill which seeks to sneak in some crypto legislation and the wavy relationship between crypto and the Securities and Exchange Commission (SEC), Congress traded $290,000,000 in stocks, $140,000,000 in options, and $124,000,000 in other securities (Private Equity funds and crypto).
As per the report, Washington made a total of 25 direct trades across 12 different cryptocurrencies. Surprisingly, Bitcoin, which has been the biggest punchbag in the crypto lineup was the most traded asset with filings showing senator Cynthia Lummis purchased roughly $100,000 worth of BTC between 2013 and 2021.
Senator Pat Toomey, who has been quite outspoken and an ardent supporter of crypto only purchased $30,000 in crypto last year. He also added equal shares of GBTC and ETHE to his portfolio during the period.
The other members, who fall in the lower chamber also made some purchases. Alabama-Rep Barry Moore hoarded Cardano worth $45,000 and up to $15,000 in Ether. The politician was also involved in the DOGE frenzy, where it is was believed that he still holds a substantial chunk of the meme coin.
Rep. Mark Green, who was also the first lawmaker to disclose his crypto investments bought BAT and CELO in March 2021 before adding XLM, LINK, DOGE, ETC, and EOS in April. Although Green has not been publicly vocal about cryptocurrencies, his financial disclosure betrays his stand.
Although having stayed on the sidelines in crypto matters, Democrat Marie Newman purchased at least a $50,000 stake in the Grayscale Bitcoin Trust alongside Senator Toomey. With the politician’s original foray being up roughly 4000% YTD, it’s expected that he will support Senator Lummis’ pro-crypto legislation given he is in the Congressional Blockchain Caucus.
That said, while only six Congressional members have publicly disclosed their crypto holdings, it is believed that more could be holding crypto-related assets such as shares in Coinbase, Nvidia, and PayPal, albeit through proxy means. With regulation being the hot topic, who knows if Congress will be the next SHIB Daycare?