Crypto

Grayscale Shares Were Purchased by a US Congressman to Gain Exposure to Bitcoin

Grayscale Shares Were Purchased by a US Congressman to Gain Exposure to Bitcoin

Grayscale shares were purchased by a US lawmaker to gain exposure to Bitcoin (BTC)

Congresswoman Marie Newman purchased GBTC worth between $15,001 and $50,000, as well as up to $215,000 in Coinbase Global’s COIN shares.

Representative Marie Newman of Illinois has revealed that she bought up to $50,000 in cryptocurrency exposure through shares of Grayscale Bitcoin (BTC) Trust.

Congressperson Newman purchased between $15,001 and $50,000 of GBTC between November 9 and last Saturday, according to a financial disclosure report submitted with the United States House of Representatives on Wednesday. In addition, in November and December, she spent $215,000 on four consecutive acquisitions of Coinbase Global’s Class A stock.

Members of the United States House of Representatives and Senate are allowed to purchase, sell, and trade stocks and other investments while in office, but must record any transactions over $1,000 within 30 to 45 days.

The Stop Trading on Congressional Knowledge Act, or STOCK Act, was signed into law by President Barack Obama in 2012 with nearly overwhelming support in both chambers of Congress.

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Six other members of Congress, including Wyoming Senator Cynthia Lummis, Texas Representative Michael McCaul, Pennsylvania Representative Pat Toomey, Alabama Representative Barry Moore, New Jersey Representative Jefferson Van Drew, and Florida Representative Michael Waltz, hold cryptocurrency or have some exposure to crypto assets, according to data gathered from financial disclosure reports by Bitcoinpoliticians.org. Many federal judges and congressmen, on the other hand, are said to have broken the STOCK Act by failing to disclose certain investments.

Newman’s disclosure report comes after members of Congress grilled CEOs of key stablecoin issuers and crypto enterprises in a session to gain a better understanding of the technology and where a regulatory road might go. Alexandria Ocasio-Cortez, a progressive congressman, recently spoke out on social media, stating that holding Bitcoin (BTC) or other digital assets was unethical since lawmakers have access to “critical information and forthcoming policy,” and such investments might jeopardize their impartiality.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.