Eight Congress Members Traded Crypto in Last Year
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According to a CNBC analysis of congressional financial disclosures and information from the Capitol Trades database, eight members of the United States Congress, consisting of seven Republicans and one Democrat engaged in trading digital currencies in 2021.
The trading activities of these legislators and their immediate family members were reported in ranges and based on the midpoint values, the investments ranged from as low as $1,000 to as high as $100,000. Bitcoin (BTC:US) emerged as the most popular cryptocurrency among the lawmakers, with trades amounting to nearly $229,000. Ethereum (ETH:US) followed with around $40,000 in trades, while Dogecoin (DOGE:US) also entered the picture with trades totaling $32,000.
In addition to the mentioned cryptocurrencies, the Congress members also traded in other digital assets, including Cardano (ADA:US), Stellar (XLM:US), Celo (CELO:US), Chainlink (LINK:US), Basic Attention Token (BAT:US), and EOS (EOS:US). It is worth noting that the disclosure process does not provide a detailed breakdown of individual trades, and thus, the trading strategies and motivations behind these investments remain unclear.
The topic of congressional trading drew a lot of attention in the past, leading several Senators and Representatives to introduce bills aimed at banning or restricting such activities. However, the stance of these legislators on cryptocurrencies is yet to be determined.
Senator Sherrod Brown, a sponsor of one such bill aimed at prohibiting stock trading by members of Congress, expressed reservations about digital currencies. He acknowledged the complexity of cryptocurrencies and highlighted his opposition to the buying and selling of corporate stocks by lawmakers.
The value of Bitcoin experienced a surge of nearly 26% since January 21, reaching around $44,006 at the time of reporting. This upward trend in the cryptocurrency market also generated significant interest and attention towards it.
As Congress members engage in cryptocurrency trading, it remains to be seen how this trend will shape the discussions and regulations surrounding digital assets in the political landscape.
