Bitcoin being one of the leading crypto assets in the digital ecosystem has already garnered mainstream adoption. Along with high demand for the asset class investors it is incredible to see that the millennial project is being held in a national treasury by El Salvador. Following the utility and notable gains of the potential assets in the BTC market, it has also been observed that mayors of some states are also seeking to accept their payments fully in Bitcoins. Furthermore, it has been unveiled that the United States senators are purchasing exposure to the asset class via one of the largest BTC funds manager Grayscale.
US lawmakers amasses Bitcoin
Senator Marie Newman, the Illinois Representative, has recently uncovered that she had bought about $15,001 and $50k worth of Grayscale Bitcoin Investment Trust (GBTC) shares. Additionally, she also had about $215k in Coinbase Global (COIN) shares.
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According to a financial disclosure report that went public after being filed with the US House of Representatives on Wednesday, the Illinois Representative had made purchases between earlier last month and earlier this weekend.
Moreover, it has also been discovered through the documents submitted that Newman conducted four separate purchases of shares of Coinbase Global’s Class A stock. Notably, the stocks acquisition has been done between November and December worth upto $215k.
Are US lawmakers allowed to invest in financial markets?
Many concerns whether the United States House Representatives and Senate are allowed to gain exposure in the financial markets. It is known that lawmakers and representatives can acquire, sell, and trade stocks and other investment vehicles while in office. However, if they do so, they are required to report such transactions of more than $1k within 30 to 45 days.
Such reporting comes in accordance with the Stop Trading on Congressional Knowledge Act or STOCK Act that was introduced in 2012 under the administration of President Barack Obama with nearly unanimous approval in both Chambers of Congress.
Marie Newman is not alone here
According to some gathered data from financial disclosure, Bitcoinpoliticians.org shared a report. Notably, the report underscored that besides Newman, there are six other members from the house who own Bitcoin or some exposure to cryptocurrency assets. These members include 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.It is also noteworthy that some of the federal judges and lawmakers have reportedly flouted the STOCK Act and never disclosed their transactions.