Written by Chris Matthews
Only two members of Congress reported purchasing cryptocurrencies in 2022 and 2023
The price of Bitcoin traded at a record high of more than $69,000 on Tuesday, but there is one demographic that is not benefiting from the cryptocurrency's historic bull market: lawmakers in Washington, D.C.
Only two lawmakers reported purchasing cryptocurrencies during 2022 and 2023, according to an analysis by 2IQ Research's Capitol Trades, which tracks lawmakers' investment transactions based on financial disclosure reports. That's down from seven lawmakers in 2021.
Read more: Bitcoin surges past $69,000 to hit record high as investors sail into 'untested waters'
These lawmakers include Rep. Michael Collins, R-Georgia, and Sen. Ted Cruz, R-Texas.
Cruz bought between $15,000 and $50,000 worth of Bitcoin (BTCUSD) on January 25, 2022, when the digital asset was trading at just under $37,000. Since then, the price of Bitcoin has risen more than 83%, with purchases now worth between $27,570 and $91,900.
Cruz did not respond to a request for comment.
Collins was a net buyer of Ethereum (ETHUSD), the second most popular cryptocurrency, from October 9, 2023 until his last purchase on January 8 of this year.
Over the course of those four months, Collins executed net purchases of between $18,000 and $95,000 of ether, with purchase prices between $1,580 and $2,333. Today, Ethereum is trading at over $3,677.
Collins did not respond to multiple requests for comment.
Two Democratic lawmakers, Rep. Shri Thanedar of Michigan and Rep. Jeffrey Jackson of North Carolina, have reported selling cryptocurrencies over the past two years.
Thanedar sold between $250,000 and $500,000 worth of bitcoin on February 2, when the cryptocurrency was trading at about $42,659. On the same date, he sold between $100,000 and $250,000 of ether and between $15,000 and $50,000 of litecoin (LTCUSD).
“I am a crypto supporter and have been holding crypto for over 5 years,” Thanedar said in a statement to MarketWatch. “I still hold a crypto HODL and made this sale solely to move assets to a new account,” the congressman said. “This is probably not the best timing! However, I believe in the long-term potential of cryptocurrencies to democratize access to finance, so I will continue In HODLing”. , using a common cryptographic term for holding an asset.
“As a member of Congress, I work to ensure that cryptocurrency laws are clear, fair, and consistent. More clarity in this market means more cryptocurrency companies emerging in America, which should be our goal.”
Jackson sold between $1,000 and $15,000 each of Cardano's ADA (ADAUSD) and ANKR (ANKRUSD) cryptocurrencies, respectively, on January 29, 2023. A spokesperson told MarketWatch that these sales took place after the congressman decided to “dump all individual shares And cryptocurrencies when you become a congressman.”
Sen. Cynthia Lummis, a Republican from Wyoming who is known in the cryptocurrency community as an ally, has not disclosed any cryptocurrency trades for 2022 or 2023, after reporting in 2021 that she owned between $100,000 and $250,000 worth of bitcoin. A spokesperson for her office said Loomis placed her assets in a blind trust in 2022 and was therefore unaware of its contents.
The most active cryptocurrency trader in Congress during 2022 and 2023 was former Rep. Madison Cawthorn, who served one term as a North Carolina Republican in the House of Representatives from 2021 to 2023.
There were 29 different cryptocurrency transactions reported between May 27, 2022 and June 8, 2022, which included purchases and sales of bitcoin, ether, Solana (SOLUSD), Demand (REQUSD), kryll, ADA, ANKR, and LGB – the last transaction named after the chant “Let's Go Brandon,” which aims to mock President Joe Biden.
It was his ownership of LGB that landed Cawthorn in hot water with the House Ethics Committee, which said in a 2022 report that he acted inappropriately by promoting the coin without disclosing his financial interest in it and purchased the coin on favorable financial terms.
-Chris Matthews
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03-05-24 1639ET
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