Over the past several months, Alabama Republican Representative Barry Moore has accumulated positions in Dogecoin (DOGE), Ethereum (ETH) and Cardano (ADA), according to his trade-disclosure report.
According to the document filed on July 2, 2021, the congressman invested in Ethereum on May 5, followed by Cardano purchases on May 10, 11 and 13. On June 13 Moore bought Dogecoin.
The report did not disclose purchase amounts, but all entries ranged from $1,001 to $15,000.
In The Block suggested that the politician may have had to use a cryptocurrency exchange, as Cardano is not available for purchase through Robinhood or PayPal.
On the day of the Ethereum purchase Moore’s Ethereum holding was worth around $3,000, and by May 12 the price reached an all-time high above the $4,350 mark. However, at the time of writing the coin traded around $2,380.
Cardano, the congressman also acquired on the rising market — Cardano’s price on May 16 reached a record high of $2.45 (according to CoinGecko). The price on the days of the asset purchases ranged from $1.65 to $1.90. At the time of writing the cryptocurrency was trading at $1.44.
Dogecoin was the exception, with the politician investing when the price was falling. On the day of purchase the coin traded around $0.31, and by June 22 the price had fallen to $0.17. Since then the quotes have partly recovered, and the meme cryptocurrency trades around $0.23.
Moore’s report is part of disclosure requirements under the Stop Trading on Congressional Knowledge (STOCK) Act. It is not known whether the politician continues to hold the digital assets, as he is required to report disclosable transactions no later than 45 days after they occur.
Gary Gensler, the SEC chair, urged Congress to develop clear rules for regulating the crypto industry and proposed jointly to strengthen oversight of Bitcoin exchanges.