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US Senator Declares Investments in Grayscale’s BTC and ETH Trusts

US-Senator-Invests-in-Bitcoin-and-Ethereum-Grayscale
  • US Senator announces investments in Grayscale’s Bitcoin and Ethereum Trusts.
  • The Senator’s investments value decreased since his purchases.

US Senator Patrick Toomey from Pennsylvania has announced investments in Grayscale’s Bitcoin and Ethereum Trusts. Moreover, his declaration is shortly followed one by fellow congressman, US Representative Barry Moore, who declared that he invested in Dogecoin (DOGE), Ethereum (ETH), and Cardano (ADA).

Crypto Investments of Senator Pat Toomey

Many US lawmakers are investing in cryptos. As per the Periodic Transaction Report filed on July 7, Toomey declares two personal crypto investments. One investment into Grayscale Bitcoin Trust and another into Grayscale Ethereum Trust (ETHE) each worth between $1,000 and $15,000.

More so, the Senator’s investments value decreased since his purchases. On June 15, he invested in Grayscale Bitcoin Trust (GBTC) when the price was around $33.23. Then the price has fallen to $27.65, at the time of writing. As for his investment in Grayscale Ethereum Trust, the price was $24.45 on June 14 when purchased it but dropped to $20.41 at the time of writing.

Recently, Toomey has voiced concerns about crypto regulation. Before investing in Grayscale’s Bitcoin and Ethereum Trusts, the senator wrote a letter to Treasury Secretary Janet Yellen pushing the Treasury Department to make significant revisions to the crypto proposal by the Financial Crimes Enforcement Network (FinCEN).

Yellen believes that if the current proposals adopted,

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

In addition, he also raised concerns about FATF’s guidance. Even more, the lawmaker from Pennsylvania is not the only US senator with a bitcoin-related investment. Moreover, the outspoken pro-bitcoin US Senator Cynthia Lummis from Wyoming owns nearly five bitcoins. She encouraged people to purchase and hold BTC.

Recently, US Representative Barry Moore from Alabama also declared his cryptocurrency investments. He purchased DOGE, ETH and ADA.

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.