Analysts: US congressmen have invested $1,8 million in cryptocurrency since the start of 2021

At least 21 members of Congress traded digital assets

27.04.2022 - 12:25

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What’s new? Congressmen have spent about $1,8 million on cryptocurrency-related investments since the beginning of 2021, according to data provider 2iQ Research. At least 21 members of the US Congress or their immediate relatives have traded digital assets. US politicians’ assets include shares of Coinbase Global Inc. and Block Inc.

2iQ Research’s analysis

What is the public reaction? Seven of the group serve on committees in the Senate or House that have a direct influence on decisions on the regulation of cryptocurrencies. Richard Painter, former chief White House ethics lawyer and University of Minnesota law professor has expressed concerns about the impartiality of congressmen on this issue. He stated:

“We need public confidence that Congress is making the right rules for the right reasons. This is going to undermine public confidence in the crypto market.”

Earlier, US Federal Reserve System (Fed) officials and their relatives were banned from owning and trading cryptocurrency. The ban also applies to stocks and bonds.

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