True believers in the digital asset class will continue to invest in crypto through bear markets, and that includes Washington lawmakers.
Many MLAs from Capitol Hill They are still holding on to their crypto stock investments. The revelation is surprising as most of them advocate stricter regulations for the asset class.
According to CNBC, At least nine House and Senate legislators have negotiated Over a dozen different crypto stocks. The data comes from the Capital Trades website, which tracks the business of Washington lawmakers.
Only 1 out of 10 offices Contacted to sell crypto stocks after the collapse of FTX. The remaining nine have held their ground despite a significant drop in crypto and mining-related stock prices this year.
Crypto Investing and Conflict of Interest
This week, Republican Senator Tommy Tuberville revealed that he owns some crypto assets. Speaking at the United States Senate Committee on Agriculture on December 1asked who was responsible for overseeing the environmental, social and governance ratings of cryptocurrencies.
When asked about cryptocurrency holdings, Senator Pat Toomey said he was waiting. he and his wife ownership up to $30,000 Late last year in the Grayscale BTC and ETH pool.
Industry pro-Senator Cynthia Lummis owns, according to her latest financial disclosure report Between $100,001 and $250,000 in bitcoin, A member of the Senate Banking Committee introduced a joint bill proposing that crypto assets be regulated as commodities rather than securities.
A spokesperson for Lumis told CNBC that he was a “Self-proclaimed HODLR and nothing has changed that opinion.”
Campaign Legal Center ethics attorney Cedric Payne said lawmakers who own crypto assets have a conflict of interest. They’re Fighting to Regulate the Sector in the Wake of the FTX Collapse, However, they must strike a balance so as not to over-regulate and alienate the growing crypto-savvy voter base.
The consensus among them all is that crypto regulations are definitely needed, but Congress shouldn’t throw the baby out with the bathwater.
bear market resumes
This week, a relief rally appeared that ended quickly, The market again fell in the red mark today, According to CoinGecko, the market fell 1% on the day, with total capitalization falling to $888 billion.
Has made modest improvements since FTX-induced accident Last week, but the general outlook remains very pessimistic.
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