US Senate Banking Committee Members Owning Crypto Deny Conflict of Interest

US Senate Banking

US Senate Banking Committee members Sen. Pat Toomey and Sen. Cynthia Lummis say their cryptocurrency holding is not a conflict of interest concern. 

A Wall Street Journal review of public financial disclosures shows that Ms. Lummis holds an estimated $250,000 worth of bitcoin, making her the largest US lawmaker invested in the asset.

Mr. Toomey owns a relatively smaller cryptocurrency holding, and the two are the only senators with such investments.

Mr. Toomey and Ms. Lummis say that their holding gives them an insight into the aspects of emerging technology.

The Pennsylvania lawmaker rules out a potential conflict of interest in his position, saying that legislators would not own any assets if the logic were to hold.

The two Republicans have been advocating for accommodative policies in the cryptocurrency sector regulations.

The Journal review also revealed that nine House members and five White House officials have a stake in the digital assets.

Representative, Alexandria Ocasio-Cortez, a member of the House Financial Services Committee, notes that members of Congress should not deal in stocks or cryptocurrencies since they are privy to important policy aspects.

Source: WSJ

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