Written by Chris Matthews
Only two sitting members of Congress reported purchasing cryptocurrencies in 2022 and 2023.
Bitcoin prices traded at an all-time high of more than $69,000 on Tuesday, but one group not profiting from the historic crypto bull market is Washington, D.C., lawmakers.
Only two sitting members of Congress reported buying cryptocurrencies in 2022 and 2023, according to an analysis by 2IQ Research’s Capitol Trade, which tracks members’ investment transactions based on their financial disclosure reports. . This is down from seven members in 2021.
Read more: Bitcoin soars to all-time high above $69,000 as investors venture into 'untested waters'
These include Representative Michael Collins, Republican of Georgia, and Senator Ted Cruz, Republican of Texas.
Mr. Cruz purchased between $15,000 and $50,000 worth of Bitcoin (BTCUSD) on January 25, 2022, when the digital asset was trading at just under $37,000. Since then, the price of Bitcoin has increased by more than 83%, and his purchase price is now between $27,570 and $91,900.
Mr. Cruz did not respond to requests for comment.
Collins was a net purchaser of Ether (ETHUSD), the second most popular cryptocurrency, from October 9, 2023 until his most recent purchase on January 8 of this year.
Over the past four months, Collins has made Ethernet purchases ranging from $18,000 to $95,000, with purchase prices ranging from $1,580 to $2,333. Ether is currently trading above $3,677.
Collins did not respond to multiple requests for comment.
Two Democratic congressmen, Rep. Shri Thanedar of Michigan and Rep. Jeffrey Jackson of North Carolina, reported selling cryptocurrencies in the past two years.
Thanedar sold his Bitcoin for between $250,000 and $500,000 on February 2nd, when Bitcoin was trading at around $42,659. On the same day, he sold between $100,000 and $250,000 of Ether and between $15,000 and $50,000 of Litecoin (LTCUSD).
“I am a crypto supporter and have held cryptocurrencies for over five years,” Thanedar said in a statement to MarketWatch. “I am still HODLing cryptocurrencies and this sale was made solely to move assets into a new account. Probably not the best timing! But the long-term use of cryptocurrencies to democratize access to finance I will continue to HODL because I believe in the potential,” the lawmaker said. , uses common cryptographic terminology to describe holding assets.
“As a member of Congress, I will work to ensure that our cryptocurrency laws are clear, fair, and consistent. More transparency in this market means more cryptocurrency startups are created in the United States. That should be our goal.”
Mr. Jackson sold both Cardano's ADA cryptocurrency (ADAUSD) and ANKR (ANKRUSD) on January 29, 2023 for between $1,000 and $15,000 each. A spokesperson told MarketWatch that these sales were made after lawmakers decided to “sell all individual stocks and funds.” Once you become a member of parliament, you will be able to use cryptocurrencies. ”
Sen. Cynthia Lummis, a Republican from Wyoming and well-known as an ally in the crypto community, reported owning between $100,000 and $250,000 in Bitcoin in 2021, then in 2022. and did not disclose any virtual currency transactions in 2023. A spokesperson for his office said Lummis placed his assets in a blind trust in 2022, so he is not aware of its contents.
The most active crypto trader in Congress in 2022-2023 was former Rep. Madison Cawthorn, a North Carolina Republican who served one term in the House from 2021-2023.
He made 29 transactions between May 27, 2022 and June 8, 2022, including buying and selling Bitcoin, Ether, Solana (SOLUSD), Request (REQUSD), Krill, ADA, ANKR, and LGB. Reported different virtual currency transactions (last named LGB). after a “Let's Go Brandon” chant aimed at mocking President Joe Biden.
The House Ethics Committee cited Cawthorn's ownership of LGB in a 2022 report stating that Cawthorn promoted the coins without disclosing any financial interests and purchased the coins on favorable financial terms. He said he acted inappropriately.
-Chris Matthews
This content was generated by MarketWatch, a Dow Jones Company. MarketWatch is published independently of the Dow Jones Newswires and the Wall Street Journal.
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03/05/24 1639ET
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