At least one senator and four members of the US Congress bought bitcoin or shares in cryptocurrency-related companies, according to Business Insider, citing reports from lawmakers.
The most prominent name on the publication’s list is Wyoming Senator Cynthia Lummis. In August, the politician reported that she bought bitcoin worth between $50,001 and $100,000.
Prior to that she already held some cryptocurrency, first purchasing the asset in 2013.
Representative Jeff Van Drew disclosed investments of $250,000 in an “investment fund” managed by Grayscale Investments. The firm launched 16 cryptocurrency trusts; in his office they did not disclose which one was involved.
Representative Jake Auchincloss reported a stake worth $15,000 in Flipside Crypto Investor Holdings. Republican Barry Moore invested a similar amount in an Alabama brokerage, describing it as “cryptocurrency.” His 2020 dividends were in the range $2,501-$5,000.
According to the report, the husband of Congresswoman Mary Newman traded Coinbase bitcoin shares at least 16 times. The latest sale was for between $50,001 and $100,000. Also, Jim Newman bought Grayscale Bitcoin Trust shares in November for up to $50,000.
With 535 seats across the two chambers, the number of crypto investors among its members stands at less than 1%. Meanwhile, according to a Grayscale survey, 26% of investors in the United States already own bitcoin.
The publication also found that 21 staffers in congressional offices had invested in cryptocurrencies or industry companies. Employees earning at least $132,552 a year are required to disclose financial information, which typically corresponds to the minimum salary threshold for leadership staff.
Kristin Walker, Cynthia Lummis’s chief of staff, explained that she bought bitcoin in the summer of 2020, before the politician arrived in the Senate.
“In recent years, Wyoming has been at the forefront of digital innovation, and I learned about the asset thanks to the state’s efforts,” Walker said.
Hammond noted that the share of crypto investors among high-paid congressional staff is higher than among its members, a point he attributes to a generation gap. The House’s average age is 58.4, and the Senate’s is 64.3.
Hammond described as a positive development that people involved in crafting crypto regulation rules are, in some way, familiar with the assets.
“For those who want to participate in drafting cryptocurrency legislation, it is important to at least have some understanding of them. It really helps expand knowledge of how things should work, or to understand what drawbacks may exist,” he said.
As reported, in December Congress held hearings featuring top executives from the crypto industry, which, following the meeting, noted a “high level of engagement” among lawmakers.
Subsequently, the Senate held hearings on stablecoins.
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