Globally, society has accepted cryptocurrencies after it was launched several years ago. Currently, crypto is accepted as a means of payment on several platforms and even in some countries.
Reason For Possible Regulation
In the United States, there is no regulation guiding crypto usage. The members of the Senate have shown no interest in regulating cryptocurrencies, but this is about to end. Due to the vast potential of the crypto market, politicians are currently showing interest in digital assets.
As a result of the growing interest in cryptocurrency, the US senate might have to put some regulations to protect users.
As Unusual Whales reported, more members of Congress are already keying into the crypto industry. Also, from the report, some Congress members have directly invested in digital assets while others have invested indirectly.
Although the infrastructure bill passed by President Biden puts some uncertainty on crypto regulation, the US Congress spent over $2.9 million in stocks and $1.2 milion in cryptos and Private Equity Funds.
Lawmakers And Their Crypto Holdings
As of the time of this report, only six members of the Senate have openly disclosed the amount they have spent on digital assets. There are reports that some members have shares in assets that are crypto-related. Such assets include Nvidia, Coinbase, and PayPal.
Unusual Whales also reported that Washington had about twenty five direct trades on 12 different crypto with BTC recording the most transactions. Cynthia Lummis, who is a member of the Senate , spent about $10,000 on BTC from 2013 to 2021.
Another lawmaker, Pat Toomey, spent $30,000 on crypto in 2021. Toomey has always been in support of cryptocurrency. Also, the lawmaker added an equal amount of ETHE and GBTC to his crypto portfolio last year.
Barry Moore, the lawmaker representing Alabama, has about $15,000 worth of Ether and $45,000 worth of ADA in his portfolio. During the DOGE saga, the lawmaker allegedly bought a large quantity of the coin.
The first senator to publish his crypto assets was Mark Green. Mark is not so open on matters concerning cryptocurrencies but owns several digital assets. In March last year, Mark also invested in CELO and BAT before adding LINK, ETC, XLM, EOS, and DOGE in April.
Another member of the Senate that has been silent on crypto matters is Marie Newman. Marie invested over $50,000 in GBTC. It is expected that Senator Toomey will support Lummis in her pro-crypto legislation.
Most members who are yet to disclose their digital assets may be having such assets under an anonymous account. Will the regulation happen anytime soon? No one knows.
Currently, many crypto companies are migrating to the United States because of the low regulation on cryptocurrency compared to other nations with strict restrictions. Regulations could occur in the future but for now, nothing is certain.