Which senators invest in crypto? 11 lawmakers have blockchain-related investments

Senators’ Crypto Investments Under Scrutiny Amid Stablecoin Regulation Debate

As the U.S. Senate grapples with stablecoin regulation, attention is turning to which senators have personal investments in cryptocurrencies and related firms. The recent vote to advance the GENIUS Act, aimed at establishing a regulatory framework for stablecoins, has intensified scrutiny, especially concerning potential conflicts of interest. This has led to proposals that would restrict lawmakers from investing in digital currencies. As reported by Cointelegraph, here’s a look at some senators with crypto-related investments.

The bipartisan nature of crypto regulation is facing increased scrutiny due to concerns about corruption and the ties between politicians and cryptocurrency companies. Senator Michael Bennet of Colorado introduced the STABLE GENIUS Act, seeking to prevent members of Congress from investing in or issuing digital currencies, requiring them to place their crypto assets in a blind trust during their tenure.

Senators with Crypto Investments

While bills restricting congressional investments in regulated industries have historically struggled, disclosure requirements offer insight into lawmakers’ financial interests. Here are some senators who have disclosed investments in crypto firms:

Montana

Tim Sheehy, Republican

Tim Sheehy, a newly elected senator, has voiced strong support for the crypto industry. He sees crypto as the future of finance and a potential source of numerous American jobs.

• Investments: Sheehy’s filings indicate an investment between $1,001 and $15,000 in Intercontinental Exchange, which provides futures contracts on cryptocurrencies.

Steve Daines, Republican

Senator Steve Daines, in office since 2015, has emerged as a vocal proponent of the crypto industry. He has engaged with figures like Bitcoin (BTC) advocate Michael Saylor and received an award from the Crypto Council for Innovation.

• Investments: Daines has reported selling shares in various cryptocurrency-related ETFs, including Valkyrie Bitcoin and Ether Strategy ETF and Proshares Bitcoin Strategy ETF.

Nevada

Jacky Rosen, Democrat

Senator Jacky Rosen, serving her second term, believes blockchain and crypto are driving a new digital economy. She emphasizes the need for updated legal frameworks to keep pace with these innovations.

• Investments: Rosen’s filings show an investment in PayPal, which launched its own stablecoin in April 2023.

Alaska

Dan Sullivan, Republican

Senator Dan Sullivan, also in his second term, has supported crypto-related legislation, including co-sponsoring the GENIUS Act and advocating for changes in accounting standards for crypto companies.

• Investments: Sullivan holds shares in BlackRock, a company offering crypto-centered ETFs.

Oklahoma

Markwayne Mullin, Republican

Senator Markwayne Mullin, who assumed office in January 2023, has expressed enthusiasm for crypto as a potential retirement investment. He has also suggested that Oklahoma could offer favorable conditions for Bitcoin miners.

The increasing interest and investment of senators in the crypto space highlights the growing importance of digital assets in the financial landscape and the need for clear and ethical regulatory frameworks.