Senator Patrick Toomey has said that he has invested in bitcoin and ethereum via Grayscale. U.S. Representative Barry Moore, a fellow lawmaker, made a similar announcement soon after, stating that he had bought dogecoin, ether, and cardano.
Senator Pat Toomey’s Participation in Cryptocurrencies
An increasing number of politicians in the United States are putting their money into digital currencies or crypto-related products. Senator Patrick Toomey of Pennsylvania reported two personal crypto assets valued between $1,000 and $15,000 in a Periodic Transaction Report filed on July 7, which include Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (GET) were also involved (ETHE).
After his acquisitions, the senator’s investments have lost value. On June 15, when the value of Grayscale Bitcoin Trust (GBTC) was at $33.23, he bought it. It has dropped to $27.65 at the time of publication. When he acquired Grayscale Ethereum Trust on June 14, the price was $24.45 at the time, but it has now plummeted to $20.41 at the time of publication.
Toomey has expressed his worries regarding cryptocurrency regulation. The senator addressed a letter to Treasury Secretary Janet Yellen a few days before participating in Grayscale’s bitcoin and ethereum trusts, encouraging the Treasury Department to make substantial modifications to the Financial Crimes Enforcement Network’s cryptocurrency plans. If the present proposals are passed, he thinks they would have a negative effect on financial technology (fintech), Americans’ essential confidentiality, and attempts to prevent illegal behavior. He also expressed reservations about the FATF’s recommendations.
The Pennsylvania senator isn’t the only one who has made a bitcoin-related bet. Senator Cynthia Lummis of Wyoming, a vocal pro-bitcoin supporter, possesses roughly five bitcoins. She urged people to buy and hold bitcoin (BTC). “I encourage them to save bitcoin for their retirement, for their future.”
U.S. Representative Barry Moore of Alabama has announced his digital currency holdings. Dogecoin (DOGE), ether (ETH), and cardano (ADA) were among the coins he purchased.