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April 27, 2022

Members of U.S. Congress own nearly $2 million in crypto assets

According to recent statistics from 2iQ Research, more than 20 members of the United States Congress, including Democrats and Republicans, have invested nearly $1.8 million directly in crypto assets or indirectly through crypto-related goods and stocks.

Pat Toomey and Marie Newman, both U.S. senators, have apparently invested in Grayscale Investments LLC.

Other senators possess stock in cryptocurrency businesses like as Coinbase Global Inc. and Block Inc., which have spent money on lobbying. They have also invested in cryptocurrencies such as Bitcoin, Basic Attention Token (BAT), and Stellar Lumens.

Because of the increased engagement of U.S. senators in crypto, commentators such as Richard Painter, a former senior White House ethics lawyer and University of Minnesota law professor, are concerned that such involvement would undermine public trust in the crypto market.

The latest exposé on members of Congress’ crypto holdings has also brought to light the issue over whether senators still serving terms should trade assets, including crypto.

In response to the incident, a spokeswoman for Senator Toomey stated in an email that Senator Toomey is worried that prohibiting elected officials and their families from trading stocks may prevent qualified persons from entering public service. He went on to say that Congress touches every aspect of the economy, from housing to agriculture.

Representative Bill Huizenga, a key member of the Financial Services Committee in the United States, proposed in 2018 that members of Congress work with existing regulators such as the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to regulate the crypto space.

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Earlier this year, another member of the United States Congress, Joshua S. Gottheimer, the country’s representative for New Jersey, introduced the Stablecoin Innovation and Protection Act, which aims to regulate stablecoins and safeguard investors’ interests.

In contrast to the enthusiasm expressed by both U.S. senators investing in crypto and those advocating for crypto regulation, there are individuals who are opposed to the asset class.