“If you can’t beat them, join them”! The saying couldn’t be more true in the current scenario as lawmakers who were once bashing Bitcoin and crypto and now warming up to them. In the latest financial disclosure, a bunch of U.S. lawmakers has disclosed their exposure to Bitcoin and crypto-assets.
In the latest disclosure, U.S. Senator from Pennsylvania Pat Toomey has become the latest to disclose their Bitcoin holdings. Over the last few weeks, a number of other lawmakers have disclosed their crypto holdings as part of the Stock Act passed back in 2012.
U.S. Senator Patrick Toomey has become the second official to publicly disclose their #bitcoin investment exposure. This comes only a few weeks after @CynthiaMLummis announced her position of actual #bitcoin pic.twitter.com/WkteZgHdb2
— Documenting Bitcoin 📄 (@DocumentingBTC) July 7, 2021
U.S. Lawmakers And Their Crypto Disclosures
It all started with Cynthia Lummis – the U.S. senator from Wyoming – who publicly disclosed her Bitcoin holdings two weeks back. Lummis said that Bitcoin provides people financial freedom in countries especially with oppressive governments and where inflation has run out of control.
While not just stopping here, Lummis has gone further in her decision of inviting Bitcoin miners to her province. The crypto-friendly senator is looking forward to helping miners who have been fleeing out of China in large numbers recently. Additionally, the crypto-friendly state recently gave legal recognition to the first Decentralized Autonomous Organization )DAO) in the U.S. dubbed the American CryptoFed DAO.
In another major disclosure, U.S. congressman from Alabama, Barry Moore, disclosed that he had purchased Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) in the period between May and June.
With the U.S. lawmakers actively seeking participation in the crypto space, we can expect better and clear rules going forward ahead this year. This also increases the probability of the U.S. getting its first Bitcoin ETF. Moreover, this also gives the U.S. the opportunity to leverage the benefits of crypto and maintain its economic stronghold amid challenges from China.
It will be interesting to see as to what set of regulations does the U.S. SEC brings by the end of this year.