US Senator invests in Bitcoin and Ethereum via grayscale – Bitcoin News


US Senator Patrick Toomey has declared investments in Grayscale’s Bitcoin and Ethereum trusts. His statement shortly followed that of another congressman, US Representative Barry Moore, who said he had invested in dogecoin, ether and cardano.

Senator Pat Toomey’s cryptocurrency investments

A growing number of US lawmakers are investing in cryptocurrencies or crypto related investments. According to a periodic transaction report filed on July 7, U.S. Senator Patrick Toomey of Pennsylvania declared two personal cryptocurrency investments, each worth between $ 1,000 and $ 15,000. One was in Grayscale Bitcoin Trust (GBTC) and the other was in Grayscale Ethereum Trust (ETHE).

Periodic transaction report from Senator Pat Toomey showing investments in Grayscale’s Bitcoin and Ethereum trusts. Source: US Senate.

The senator’s investments have lost value since his purchases. He invested in Grayscale Bitcoin Trust (GBTC) on June 15 when the price was around $ 33.23. As of this writing, it has fallen to $ 27.65. As for its investment in Grayscale Ethereum Trust, the price was $ 24.45 on June 14 when it was purchased, but has since fallen to $ 20.41 at the time of writing.

Toomey recently expressed concerns about the regulation of crypto. Days before investing in Grayscale’s bitcoin and ethereum trusts, the senator wrote a letter to Treasury Secretary Janet Yellen urging the Treasury Department to “make significant revisions” to the crypto proposals of the Financial Crimes Enforcement Network (FinCEN ). He believes that if the current proposals are adopted, “they would have a negative impact on financial technology (fintech), fundamental American privacy and efforts to combat illicit activity.” He also expressed his concerns about the FATF’s guidance.

The Pennsylvania lawmaker is not the only US senator to have invested in bitcoin. Pro-bitcoin US Senator Cynthia Lummis from Wyoming owns around five bitcoins. She encouraged “people to buy and keep” BTC. “I encourage them to save bitcoin for their retirement, for their future.”

Recently, U.S. Representative Barry Moore from Alabama also declared his cryptocurrency investments. He bought dogecoin (DOGE), ether (ETH) and cardano (THERE IS).

What do you think of Senator Pat Toomey investing in bitcoin and ether through Grayscale trusts? Let us know in the comments section below.

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ETHE, ether, Ethereum Trust, GBTC, greyscale bitcoin trust, grayscale ethereum trust, pat toomey, pat toomey bitcoin, pat toomey ether, pat toomey ethereum, patric, toomey, us senator

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