A report from CNBC revealed that members of Congress traded thousands of dollars worth of cryptocurrency in 2021.
What Happened: The CNBC analysis found that eight lawmakers and their immediate families placed crypto bets ranging from $1,000 to $100,000 over the past year.
Bitcoin (CRYPTO: BTC) was the cryptocurrency of choice among lawmakers, with trades in the leading digital asset totaling $229,000. Congress members traded $40,000 in Ethereum (CRYPTO: ETH) and another $32,000 in the meme-based cryptocurrency Dogecoin (CRYPTO: DOGE).
The dollar value of the trades was estimated by taking the midpoint of the range of total transaction activity.
CNBC described Rep. Mark Green as the “most active crypto trader in Congress.” His disclosures indicate that he bought DOGE on April 1 for 6 cents and then again on April 14 for 12 cents.
Green reportedly sold his DOGE holdings when the asset crossed 50 cents on May 11, 2021, earning him an average return of over 450%.
“Instead of more rules, what we need is for more enforcement of the rules. Anyone can look up every stock that any member of Congress owns right now online. My investments are managed by a licensed broker, and my wife and I have no say in how those assets are invested,” said Green in a statement.
Other lawmakers that invested in crypto included Sen. Pat Toomey, Sen. Cynthia Lummis, Rep. Mike Waltz, Rep. Michael McCaul, Sen. Ted Cruz and Rep. Barry Moore.
DOGE Price Action: As of Wednesday morning, DOGE was trading at $0.14, down 1.97% in the last 24 hours.
Photo by Kanchanara on Unsplash.