US Lawmaker Invests in Crypto Using Grayscale

While some members of the US legislators have registered their displeasure against the crypto market, some of their colleagues have been investing in the space.

Per a recent Periodic Transaction Report filed on July 7, in the United States, it has become clear that an increasing number of these legislators have begun investing in the digital assets market space. According to the report, Senator Patrick Toomey has invested in the crypto industry using Grayscale investment vehicles.

Senator Toomey stated that he holds an investment worth $1,000 and $15,000 in Grayscale Bitcoin Trust (GBTC) and the other in Grayscale Ethereum Trust (ETHE). However, his investments in the space have suffered some losses. His initial investment in GBTC was worth $33.23 per share, but has dropped to around $28.  Also, his Grayscale’s Ethereum investment dropped to $20.41 from $24.45.

Despite the losses, the senator has expressed his concerns about the attempts by the authorities to regulate the crypto industry. In his letter to Treasury Secretary Janet Yellen, the lawmaker hoped the Treasury Department was going to “make significant revisions” to the proposed Financial Crimes Enforcement Network (FinCEN) guidelines.

According to him, “they would have a detrimental impact on financial technology (fintech), the fundamental privacy of Americans, and efforts to combat illicit activity.”

Apart from him, other US senators like Senator Cynthia Lummis and Barry Moore have also invested in the space. Senator Lummis holds around five units of the leading crypto asset while Moore said he has invested in dogecoin (DOGE), ether (ETH), and cardano (ADA).

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