What is the overall sentiment in the US Congress when it comes to cryptocurrency? The news you hear in the media always seems to depict the ominous side. One of the largest adversaries of cryptocurrency has been Senator Brad Sherman. He has spoken before several committees and communicated with the Federal Reserve to not allow American citizens the freedom to purchase cryptocurrency because it may impact the US dollar dominance as a world currency. Senator Sherman is also known to have received multiple donations from big banks which can be found on the website opensecrets.org. This is a common practice to receive donations from companies and lobbyists, but it does cross the line when lobbyists influence the elected officials that were put in office to make decisions for the people and not big business. Even though big business is considered an entity or like a “person”.
Are there any advocates for cryptocurrency? Yes. Pennsylvania’s Senator Pat Toomy has been a proponent of cryptocurrency asking the Federal Reserve and Janet Yellen for less regulation. He has stated that the Federal reserve should be lenient on crypto because of the innovation it offers to the financial industry. There are signs that he has been influenced by the cryptocurrency lobbyists also. He has also disclosed that he has invested in Grayscale cryptocurrency trust funds and is an advocate for cryptocurrency.
Other Congressman have also disclosed there holding as well. For example, Alabama Congressman, Barry Moore, has invested in cryptocurrency such as: Dogecoin, Ethereum, and Cardano. Senator Toomey took an indirect investment approach while Senator Moore chose to directly invest in the coins. I personally have several strategies because I invest directly in the coins, own a single share of Coinbase and I own some of Grayscale’s Bitcoin trust. I am not a financial planner but do believe that I needed to buy my own coins in order to build my confidence of how the system works. There is a lot to learn and the best way to learn is by doing and not being afraid to make mistakes. You may lose money in the process, but you may also make money.
Only time will tell on how much the US will support cryptocurrency. My hope is that we will allow the US to prosper as this innovation progresses and the US is a leader in this innovation.
