US Senator Patrick Toomey has announced investments in Grayscale’s Bitcoin and Ethereum trusts. His statement was briefly followed by that of Congressman, US MP Barry Moore, who said he had invested in Dogecoin, Ether and Cardano.
Senator Pat Toomey’s cryptocurrency investments
A growing number of US lawmakers are investing in cryptocurrencies or crypto-related investments. US Senator Patrick Toomey of Pennsylvania declared two personal cryptocurrency investments worth between $ 1,000 and $ 15,000 each, according to a periodic transaction report filed on July 7. One was in the Grayscale Bitcoin Trust (GBTC) and the other was in the Grayscale Ethereum Trust (ETHE).
The senator’s investments have depreciated since his purchases. He invested in Grayscale Bitcoin Trust (GBTC) on June 15 when the price was around $ 33.23. At the time of writing, it’s down to $ 27.65. As for its investment in Grayscale Ethereum Trust, it was priced at $ 24.45 when it was purchased on June 14 but has since fallen to $ 20.41 at the time of writing.
Toomey recently raised concerns about crypto regulation. A few days before investing in Grayscale’s Bitcoin and Ethereum trusts, the Senator wrote a letter to Treasury Secretary Janet Yellen urging the Treasury Department to “significantly revise” the Financial Crimes Enforcement Network (FinCEN) crypto proposals. He believes that if the current proposals are adopted, “they would adversely affect financial technology (fintech), basic American privacy, and efforts to combat illegal activity.” He also raised concerns about the FATF guidelines.
The Pennsylvania legislature isn’t the only U.S. Senator with a Bitcoin-related investment. Outspoken pro-Bitcoin US Senator Cynthia Lummis from Wyoming owns around five bitcoins. She encouraged “people to buy and hold BTC”. “I encourage you to save bitcoin for your retirement, for your future.”
Recently, the US representative Barry Moore from Alabama also announced his investments in cryptocurrencies. He bought Dogecoin (DOGE), Ether (ETH) and Cardano (ADA).
What do you think of Senator Pat Toomey investing in Bitcoin and Ether through the Grayscale trusts? Let us know in the comment section below.
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