According to recent data obtained from 2iQ based on research, more than 20 members of the United States Congress, including Democrats and Republicans, have investments worth approximately $1.8 million directly in crypto-assets and also indirectly through crypto-related products and stocks.
Among the U.S senators who have reportedly invested in crypto are Pat Toomey and Marie Newman, who have allegedly invested in Grayscale Investments LLC.
According to reports, some senators are stakeholders in crypto companies such as Coinbase inc. and Block inc. They also own some level of investments in cryptocurrencies like Bitcoin, Basic Attention Token (BAT), as well as Stellar Lumens.
Due to the spike in the number of U.S senators getting involved in crypto, spectators like Richard Painter, a former chief White House ethics lawyer and University of Minnesota law professor, are equally concerned that such entanglement may alter the level of confidence that the public possesses in the crypto market.
This recent information on the crypto Investments of members of congress has also made more visible the debate on whether serving senators should trade securities and crypto included.
In relation to the controversy, a spokesperson for Senator Toomey stated via an email that “Senator Toomey is concerned that forbidding elected officials and their families from participating in the stock market will further discourage qualified individuals from entering public service.”
He said, “From housing to agriculture, there’s no part of the economy Congress doesn’t touch.”