U.S. Congressman Barry Moore has apparently been investing in crypto for a while now. Moore had purchased Doge, Ethereum, and ADA. This was made evident in the trading disclosures that were filed with the clerk of the House of Representatives on July 2nd.
The disclosure showed that Congressman Moore had gotten into Doge well after the price of the coin had crashed. This makes Moore one of the first congresspeople to buy directly into crypto. The disclosure also showed that the congressman had bought into other coins. The report showed that Moore had also purchased Cardano and Ethereum. It showed Moore had purchased the coins in a one-month span.
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The report did not list specifics on the congressman’s holdings. But price ranges of the purchases were provided in the disclosures. These showed that Moore’s holdings were between $1,001 to $15,000. With Cardano being the largest of his investments.
Crypto In Politics
Cryptocurrencies have since been a big debate point for politicians. Most have been openly against digital assets. Stating that the lack of regulation could hurt the financial markets. Others have voiced concerns for their constituents who are investing in crypto. Citing the extreme volatility as a way for them to lose their money quickly.
On the other side of this have been politicians who have voiced their support. Rand Paul in 2015 became the first presidential candidate to accept crypto donations. The Liberian Republican had announced that he would receive donations in Bitcoin.
Doge price was trending at $0.30 when the congressman purchased it in June | Source: DOGEUSD on TradingView.com
Senator Lummis earlier in the year had announced her complete support for crypto. Stating that she too held the Bitcoin. And that Bitcoin would provide a legitimate store of value and means of exchange.
In the same vein, the National Republican Congressional Committee also revealed that they would begin accepting cryptocurrency donations.
Regulatory Actions
Regulation in crypto remains a hot topic. The rise of ransomware attacks has led to continued calls for crypto regulation. Pressures have mounted for the Biden administration to put forward a tangible plan for the regulation of digital assets.
A growing fear in the crypto space has been that regulations would suppress the crypto market. Due to the fact that so many politicians were vocal about cryptocurrencies being risky and dangerous.
But as more and more show their support for digital assets, it is obvious that regulation might not go the way investors expect. When the people making the decisions have a direct stake in the market, they would go for the best possible regulatory actions.
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It is not known if Alabama Congressman Barry Moore still holds these coins. The rookie congressman may have sold the coins as the report only gives the purchase date. Or even knowing if the congressman’s portfolio is up or down. These would depend on the time of purchase and if he was still holding the coins.
But this action shows that the climate for crypto is not completely hostile in political spaces.
Featured image from The Cryptonomist, chart from TradingView.com