Professional-crypto Congressman stacks, anti-crypto Congressman receives $100K from TradFi

News of two contrasting approaches to crypto from U.S. members of congress surfaced this week.

Alabama Congressman Barry Moore has been loading up on cryptocurrencies similar to Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) over the previous two months.

Meanwhile anti-crypto California Congressman Brad Sherman — whose said intention is to close crypto down — has reportedly obtained greater than $100,000 in marketing campaign donations from high monetary companies.

According to a July 2 trading disclosures filing with the clerk of the House of Representatives, Moore bought ETH on May 5, he purchased ADA on May 10, 11, 13, and purchased DOGE on June 13.

The submitting, which misspells Ethereum as “Etherium” and crypto as “cryto”, doesn’t specify the precise quantities Moore invested however does present a spread between $1,001 to $15,000 for every buy.

The most quantity Moore may have spent is $75,000, and he could have been compelled right into a hodl strategy, as all of his investments have taken successful amid the crypto downturn which started round May 12.

Ethereum was priced at round $3,400 on May 5 and has since declined by 32% to take a seat at $2,300 on the time of writing, in line with data from CoinGecko.

The Republican Congressman’s committee assignments embrace the Committee on Agriculture and the Committee on Veteran’s affairs, and the 54-year-old hasn’t expressed his opinions in the direction of crypto publicly. But actions communicate louder than phrases.

Other pro-crypto Republicans embrace Senator Cynthia Lummis, who advocated for utilizing Bitcoin as part of a diversification strategy for retirement plans final month.

Related: ADA, DOGE overtake BTC as the most popular cryptocurrencies for US eToro users

Brad Sherman

California Democrat Congressman Brad Sherman is among the most vocally anti-crypto members of congress, he has referred to as for crypto to be banned up to now, and not too long ago claimed that buying lottery tickets is extra wise than investing in crypto.

“Cryptocurrencies have the political support of the ‘patriotic’ anarchists who are rooting for tax evasion,” he stated and added that “I hope we shut it down.”

SO your going with “We need to keep up with China in restricting our citizens freedoms”?https://t.co/claRw8D92b

— Cameron (@BlevCam) June 30, 2021

A latest article from the Foundation for Economic Education highlights knowledge from OpenSecrets.org that exhibits eight monetary companies rank amongst Sherman’s high 20 donors for his 2020 marketing campaign committee, together with Capital Group Companies with $18,400, Blackstone Group with $16,800, BlackRock Inc with $11,250, and American Bankers Association with $10,000. Make of that what you’ll.