Newman’s Leap Into Cryptocurrency

Illinois Representative Marie Newman has made headlines by revealing her investiture into the world of cryptocurrencies. In a financial disclosure filed on Wednesday, she acknowledged purchasing equity in the Grayscale Bitcoin Trust, committing somewhere between $15,001 and $50,000 between November 9 and the prior Saturday. It’s the talk of the political town, and for good reason!

Coinbase: The New Darlings of Capitol Hill

Not stopping there, Newman also drew attention for her four separate purchases of Coinbase Global’s Class A stock, totaling up to $215,000. As the crypto market continues to gain traction, it seems some lawmakers are hopping on the digital bandwagon. But what’s motivating this sudden rush into the crypto pasture?

The STOCK Act Strikes Again

Members of Congress, like Newman, are allowed to dabble in the stock market while in office, but there’s a catch! According to the STOCK Act, they must report transactions exceeding $1,000 within a month and a half. This act, which saw its inception under President Obama in 2012, is championed to curb insider trading, though it appears some members are still playing fast and loose with their disclosures.

Congressional Crypto Club

Newman’s foray into crypto isn’t a solo act. A glance at data from Bitcoinpoliticians.org reveals that six other congressional members are also riding the cryptocurrency wave, including:

• Cynthia Lummis (Senator, Wyoming)
• Michael McCaul (Representative, Texas)
• Pat Toomey (Representative, Pennsylvania)
• Barry Moore (Representative, Alabama)
• Jefferson Van Drew (Representative, New Jersey)
• Michael Waltz (Representative, Florida)

Even with these names, it seems there’s a side of Congress that hasn’t been too keen on keeping it all above board, as some federal judges and lawmakers have failed to disclose certain investments.

Questioning the Impartiality

The discussion around lawmakers entering the crypto space has sparked debates about potential biases in decision-making. Following Newman’s revelation, there was a congressional hearing involving CEOs of major stablecoin and crypto firms, raising eyebrows on both sides of the aisle. Alexandria Ocasio-Cortez, a progressive heavyweight, voiced concern, deeming it inappropriate for lawmakers to hold digital assets due to their access to sensitive information. And can we blame her? It’s like letting a fox guard the hen house!

What Lies Ahead for Crypto Regulation?

The narrative is only beginning. With lawmakers like Newman taking the plunge, it begs the question: How will these actions shape the future of crypto regulations? As the digital currency marketplace ebbs and flows, how Congress handles its reflections on crypto investments can shape legislative frameworks for years. Buckle up, it’s going to be a bumpy ride!