By Akayla Gardner and Bloomberg. April 26, 2022. (Fortune)
As efforts to regulate the rapidly-growing cryptocurrency market increase, some observers are raising concern about the rising number of U.S. lawmakers beginning to dabble in digital assets.
Current members of Congress bought and sold an estimated $1.8 million worth of crypto-related investments since the beginning of 2021, according to an analysis conducted by data provider 2iQ Research. The amount is based on the midpoint of dollar ranges reported by lawmakers in public disclosures.
The findings come amid a broader backlash against members of Congress being able to trade securities while in office. In the case of crypto, the debate is taking place as the Securities and Exchange Commission and the Commodity Futures Trading Commission are still staking out their roles in regulating the asset class. The tug-of-war puts committees like Senate Banking and Agriculture, which oversee the SEC and CFTC, in a position to address crypto-regulation policy.