crypto

Legislators in the United States have taken an Early Interest in Cryptocurrency and Its politics

A majority of U.S. political office holders are still not comfortable with the concept of cryptocurrencies. Senior politicians are grossly underrepresented in the crypto industry, despite the mass adoption of digital assets by Americans..

Recent data shows that over 20% of adult Americans either have crypto investments or have dabbled in cryptocurrencies within the last ten years. Digital assets have gone mainstream globally, and it’s unusual to see that only a few politicians have boarded this widespread investment vehicle.

With significant investments and vocal support, this year could be the year that US lawmakers and politicians become properly represented in crypto, cfds-trader.com. Before the floor fully opens up to receive these new investors, let’s have a look at a few political early birds in the crypto space.

Senator Cynthia Lummis (R)

Lummis is known for standing out in all spheres). At the time, she was the only female in the conservative freedom caucus. Now, she’s one of the few hardline Republicans with sizable digital asset investments. She disclosed that she had a total of five bitcoins early last year when she registered her purchase of over $50k in BTC.

The senator has revealed her plans to launch an innovation caucus that would educate U.S. lawmakers about the advantages and utilities of cryptocurrencies, especially bitcoin.

Micheal Waltz (R)

Waltz is a recent House electee who is also the first Green Beret to be elected to Congress, having served as an army colonel and Pentagon adviser in the past. The Floridian is well known for his warrior ethos and belongs to the Congressional Blockchain Caucus.

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Walt has publicly supported the crypto movement and was once quoted as having compared BTC to gold in relation to their position as inflation hedges. Waltz purchased over $95,000 worth of bitcoins in 2021.

McCaul, Michael (R)

The affluent Texan congressman is a member of the House Foreign Affairs Committee’s ranking minority. McCaul is well-known for his strong foreign policy views. In 2021, he applauded President Trump’s decision to strike Iranian-sponsored targets in Syria.

In 2016, McCaul co-sponsored a measure that would allow for debates on the usage of digital assets and their economic consequences. In recent years, however, he has made no crypto-related pronouncements.

Marie Newman (D)

Representative Newman, aged 57, is a prominent Bitcoin politician. A few weeks back, she purchased substantial shares in Coinbase worth over $80,000. She also holds Grayscale Bitcoin Trust shares.

Newman has refrained from making public comments about her crypto assets. Still, she is involved in the Congressional Blockchain Caucus, a bipartisan committee working to develop efficient and friendly crypto regulations.

The Illinois representative is also a staunch supporter of gun control, abortion rights, the green new deal, and a raised $15 minimum wage. She belongs to the progressive wing of the Democratic Party.

Senator Pat Toomey (R)

Often regarded as the arch-enemy of government spending, Pennsylvania’s Toomey is a vocal supporter of banking deregulation. At one point, he proposed a $2.2 trillion tax cut in a budget plan.

Toomey is one of the vocal public crypto advocates in Washington. In 2021, he purchased over $10,000 in shares of Grayscale’s Ethereum and Bitcoin trusts. He also solicited Treasury Secretary Janet Yellen to modify the infrastructure bill’s language but exclude tax reporting requirements for digital assets. A few weeks ago, Rep. Toomey released a set of regulatory principles for stablecoins ahead of the first hearing by Congress.

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Jefferson Van Drew (R)

Formerly a Democrat until 2020, Dr. Drew is a retired dentist with a 30-year history in New Jersey’s legislature. He has about $250,000 in a Grayscale investment trust. Drew has yet to publicly declare his support for digital assets or better policy issues to make the space better.

In December 2019, Van Drew was one of two Democrats who voted against President Trump’s impeachment inquiry, so it wasn’t a surprise when he changed colors in 2020.

Barry Moore (R)

In June 2021, Rep. Moore bought Dogecoin (DOGE) worth between $2,000 and $15,000. The staunch Republican also has other investments in Ethereum (ETH) and Cardano (ADA), which amount to over $60,000.

Moore has yet to publicly announce his opinions on crypto-related policies.

This list is expected to increase this year. According to The Motley Fool’s GM and analyst, Eric Bleeker, the continuation of this trend will result in better crypto policies thanks to the knowledge-enhancement following lawmakers’ exposure to the crypto industry.