The post Follow the Money: The 5 Cryptos Favored by US Congress Members appeared first on Coinpedia Fintech News
Under the 2012 STOCK (Stop Trading on Congressional Knowledge) Act, congressional members and other government employees are mandated to report stocks, bonds, and cryptocurrency trades of over $1,000 within 45 days of executing them.
Here is a compilation of the top 5 crypto choices, and a few little-known extra choices:
Top 5 crypto choices in the US Congress
The first is Bitcoin (BTC), the most widely held asset among legislators. Wyoming Senator (Sen.) Cynthia Lummis, a prominent speaker on crypto policy, disclosed her first Bitcoin purchase in 2013. Others who have made BTC purchases include Sen. Ted Cruz and Representatives (Rep.) Byron Donalds and Guy Reschenthaler, with reports of individual holdings worth up to $250,000.
Other lawmakers, such as Rep. Sheri Biggs and Sen. Dave McCormick, have Bitcoin exposure through ETFs from Valkyrie, VanEck, and Ether. Meanwhile, a couple of others, such as Sen. Sheldon Whitehouse, have invested in Bitcoin-related companies, including PayPal, BlackRock, and The Block (formerly Square).
The second is Ethereum (ETH), held by members of Congress such as Reps. Mike Collins and Barry Moore, with the former holding up to $60,000 in ETH. Rep. Marjorie Taylor Greene and Sen. Dave McCormick have invested in Ethereum ETFs.
Third is Solana (SOL) and fourth is XRP, both reported by Rep. Guy Reschenthaler, and each valued at up to $15,000. Fifth is Cardano (ADA), disclosed by Reps. Barry Moore and Mike Collins, with the former holding a portion worth up to $45,000.
Little-known coins
While the above constitute the top 12 crypto coins by market cap, policymakers have also made some outlier investments. Rep. Mike Collins purchased the Ski Mask Dog (SKI), while Rep. Madison Cawthorn held and promoted the LGB Coin.
Other coins in this category include The Graph (GRT), Velodrome (VELO), and Aerodrome Finance (AERO).
In the past 24 hours, all these cryptocurrencies have gained between 1.8% and 4% following shifts in the geopolitical and macroeconomic environment.
Source: CoinMarketCap
SKI, however, stands out, having dropped 2.86%.
Source: CoinMarketCap