Lawmakers may not be entirely sure how to proceed to regulate cryptocurrencies in the US, but they are increasingly dabbling in digital assets themselves.
A new report by 2iQ Research indicated that members of Congress have bought and sold a total of $1.8m.
It’s a fairly small amount, but a significant one given that it reveals that those involved with delivering the final framework that regulates crypto, are exploring the concept themselves.
There have been calls for active members of Congress to avoid such practices, to avoid a conflict of interests with those attempting to regulate the industry.
According to 2iQ Research, a total of 21 members of Congress or their immediate family have dabbled in cryptocurrencies or exploring cryptocurrency investments.
Former chief White House ethics lawyer Richard Painter argued that voters would need to be certain that legislators are making “the right rules for the right reasons”, hinting at a lingering feeling that some lawmakers may be biased in the matter.
Senator Pat Toomey, who sits on the Senate Banking Committee, disclosed investments in Grayscale Investments LLC Funds.
Democrat representative Marie Newman, another member of the same committee, had the same ties, making navigating crypto regulation a delicate matter.
Toomey’s office responded as such: “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.”
But it’s not all bad. Senator Cynthia Lummis has long been a part of the committee and investing openly in Bitcoin while urging the Commodity Futures Trading Commission and Securities and Exchange Commission to take a much clearer stance on crypto and regulate the industry.
Regardless, the 2iQ Research poses valid questions as to who is drafting the laws to regulate the industry.