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Anti crypto and pro crypto sentiments clash in the House of Representatives
- Congressmen have different opinions with regards to the course of cryptocurrency in the United States
- Alabama State congressman has been holding cryptocurrency since a few years and is pro crypto
- Californian State Congressman on the other hand is harshly against cryptocurrency and is in talks to wipe it off the country
Cryptocurrency has always stirred controversial opinions in between government bodies because of the conflicting and versatile nature it possesses. The United States is one nation that has always looked to adopt cryptocurrency in the financial economy to boost the market in a technological advanced way. Some congressmen even warmed up to the idea of opening crypto markets and loosening up regulations; however, recent news of contrasting approaches to crypto from U.S. members of congress surfaced this week, causing yet another debacle whether crypto is good or bad for any economy whatsoever.
Congressmen are having a debacle on the pros and cons of cryptocurrency
Congressman from the State of Alabama, Barry Moore, has been piling up on cryptocurrencies such as Cardano (ADA), Ethereum (ETH), and Dogecoin (DOGE) over the past two months. On the other hand, California Congressman, Brad Sherman, is talking about his anti-crypto beliefs and whose stated aim is to shut crypto down in the country. He has allegedly received more than $100,000 in campaign donations from top financial firms. In connection with a trading disclosure filed with the clerk of the House of Representatives on July 2, Moore purchased ETH on May 5, he bought ADA on May 10, 11, 13, and bought DOGE on June 13.
The filing has misspelled Ethereum as “Etherium” and crypto as “cryto”, doesn’t reveal the exact amounts Moore invested but a rough estimate around the range of $1,001 to $15,000 for each purchase has been estimated. $75,000 is the maximum amount Moore could have invested, and he may have been forced into a hodl approach, as all of his investments have taken a hit amid the crypto downturn which began around May 12.
Pro-crypto Republicans advocate and endorse cryptocurrency
The Republican Congressman’s committee assignments involve the Committee on Veteran’s Affairs and the Committee on Agriculture, and the 54-year-old hasn’t voiced his concerns towards crypto in the open. However, actions speak louder than words. Even several other pro-crypto Republicans, that include Senator Cynthia Lummis, had advocated for utilizing Bitcoin for more versatile purposes for retirement plans in the last month.
The Californian Democrat Congressman, Brad Sherman, comes under one of the most verbally anti-crypto members of congress. He has mentioned and called for crypto to be banned in the past, and recently claimed that even the California lottery tickets are more secure and sensible than investing in crypto. Cryptocurrencies have the political support of the patriotic anarchists who are rooting for tax evasion, according to Sherman and are hoping to shut down crypto operations. In an article from the Foundation for Economic Education, data is being highlighted from OpenSecrets.org that shows eight financial firms rank amongst Sherman’s top 20 donors for his 2020 campaign committee, including Capital Group Companies with $18,400, Blackstone Group with $16,800, BlackRock Inc with $11,250, and American Bankers Association with $10,000. Make of that what you will.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
