By The price of bitcoin reached a record high of over $69,000, marking a historic milestone in the crypto market. Surprisingly, lawmakers in Washington D.C. seem to be missing out on the opportunity to benefit from this bullish trend.
Low Crypto Investments Among Lawmakers
According to a recent analysis by 2IQ Research’s Capitol Trades, only two sitting lawmakers reported purchasing cryptocurrencies in 2022 and 2023, a significant drop from seven lawmakers in 2021. Among those who made crypto investments are Rep. Michael Collins from Georgia and Sen. Ted Cruz from Texas.
Cruz made a noteworthy investment of between $15,000 and $50,000 worth of bitcoin on Jan. 25, 2022, when its price was just under $37,000. Since then, bitcoin has surged by over 83%, increasing the value of his investment to a range of $27,570 to $91,900.
Lawmakers’ Crypto Transactions
Rep. Collins, on the other hand, was actively involved in purchasing ether, the second most popular cryptocurrency, from Oct. 9, 2023, to Jan. 8 of the following year. He accumulated a total of $18,000 to $95,000 worth of ether at prices ranging from $1,580 to $2,333. Presently, ether is trading at over $3,677.
Interestingly, two Democratic lawmakers, Rep. Shri Thanedar of Michigan and Rep. Jeffrey Jackson of North Carolina, reported selling cryptocurrencies during the same period.
Thanedar sold a substantial amount of bitcoin, ether, and litecoin on Feb. 2. He sold between $250,000 and $500,000 of bitcoin when its price was around $42,659, along with additional sales of ether and litecoin ranging between $15,000 and $250,000.
It remains to be seen whether more lawmakers will enter the crypto market as its popularity and value continue to rise.
Pro-Crypto Moves in Congress
“I am pro-crypto and have held crypto for 5+ years,” stated Thanedar. The congressman emphasized his continued belief in the long-term potential of cryptocurrencies to democratize finance, despite recent asset transfers. Thanedar aims for clear, fair, and consistent crypto laws to support American startups in the market.
Crypto Trades in Congress
Congressman Jackson recently divested from Cardano’s ADA and ANKR cryptocurrencies, selling between $1,000 and $15,000 of each on Jan. 29, 2023. His decision to divest followed his congressional appointment.
Senator Cynthia Lummis, a prominent figure in the crypto community, refrained from disclosing any crypto trades in 2022 and 2023. Lummis placed her assets in a blind trust in 2022, not knowing its current holdings.
Controversial Crypto Transactions
Former Congressman Madison Cawthorn, known for active crypto trading, reported 29 transactions between May 27 and June 8, 2022. These transactions involved various cryptocurrencies like bitcoin, ether, solana, request, kryll, ADA, ANKR, and LGB – linked to the “Let’s Go Brandon” chant against President Joe Biden. Cawthorn faced scrutiny from the House Ethics Committee for promoting LGB without disclosing his financial interest and benefiting from favorable terms in its purchase.
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