United States House Representative Guy Reschenthaler is the latest member of Congress to reveal their investment in digital assets.
According to recently filed disclosures, Reschenthaler owns stakes in XRP, Solana (SOL), and Bitcoin (BTC). The filings indicate that his Congress trade ranged between $1,000 and $15,000.
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These investments come amid heightened cryptocurrency market volatility, with Bitcoin struggling to surpass the $100,000 resistance level.
Additionally, his investment in XRP has emerged at a crucial juncture. The token has broken out of a prolonged consolidation below $1 amid anticipation of possible further gains especially if the upcoming Securities Exchange Commission (SEC) chair pushes for a lenient resolution in the Ripple case.
However, the overall market sentiment remains bullish, driven by post-election optimism following the victory of pro-crypto President Donald Trump.
Notable Congress cryptocurrency investors
It’s key to point out that Reschenthaler is not alone in his cryptocurrency ventures. For instance, Representative Mike Collins reported an investment in the Ski Mask Dog (SKI) meme cryptocurrency earlier this year.
Notably, Collins is among Congress’s most active cryptocurrency traders, having invested nearly $400,000 in digital assets since December 2023. His portfolio includes Ethereum (ETH), Aerodrome (AERO), The Graph (GRT), and Velodrome (VELO), with some of these investments having been described as ‘wild.’
Lawmakers Barry Moore and Jeffrey Jackson are also noted for their interest in cryptocurrencies.
Reports indicate that the number of Congress members investing in digital assets has surpassed ten over the years. However, this figure remains modest compared to those holding stock portfolios.
U.S. crypto regulations
Although lawmakers are showing an inclination towards digital assets, the U.S. still grapples with a lack of comprehensive cryptocurrency regulations.
Speculation suggests that the incoming Trump administration could usher in more favourable policies for the sector, including initiatives such as a proposed Bitcoin reserve. Such an environment has the potential to trigger a price rally.
Notably, lawmakers were required to disclose cryptocurrency holdings starting in 2018, following the implementation of new transparency laws. As a result, it is unclear how many politicians were involved in digital assets before this requirement.
Despite these regulations, concerns persist about the ethical implications of elected officials holding cryptocurrencies.
To this end, Massachusetts Senator Elizabeth Warren, a vocal critic of digital assets, has described crypto investing by lawmakers as “a terrible conflict of interest.”
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