US Congressman Discloses XRP, SOL, and BTC Holdings

Rep. Guy Reschenthaler (R-Pa) recently disclosed various cryptocurrency purchases. 

The 41-year-old US lawmaker now owns such cryptocurrencies as Ripple-linked XRP, Solana (SOL), and Bitcoin (BTC). All of these purchases were in the range of $1,000-$15,000. 

Mike Collins (R-Ga) also disclosed a purchase of Ski Mask Dog (SKI) earlier this year. 

Barry Moore (R-Al) and Jeffrey Jackson (D-NC) are also among the U.S. lawmakers who previously reported significant cryptocurrency transactions.  

Back in 2021, the Wall Street Journal reported that a total of 11 members of Congress were cryptocurrency holders, with nine of them being House representatives.  

In the meantime, the U.S. Senate will have a committee specifically dedicated to digital assets. 

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This committee will be spearheaded by Sen. Cynthia Lummis (R-Wyo.), who famously came up with a bill that would require the Treasury to purchase a whopping 1 million Bitcoins over the course of five years. 

The 70-year-old senator previously claimed that she had bought Bitcoin for the first time back in 2013. She later disclosed another purchase in 2021. 

The U.S. House Ethics Committee issued a memo that required House members to disclose cryptocurrency holdings exceeding $1,000 back in 2018. Prior to that, the cryptocurrency transactions of U.S. lawmakers were unknown since the disclosure rules for stocks and bonds did not include the newfangled asset class.  

Such legally mandated disclosed are necessary to see whether lawmakers have skin in the game. 

Sen. Elizabeth Warren (D-Mass) recently opined that crypto investing represented "a terrible conflict of interest" for lawmakers, and she was glad that the number of members of Congress who hold crypto was relatively low.