Do Lummis & Toomey’sSenatorBitcoin Holdings Pose Ethical Concerns? Let s Argue’

It’s completely authorized for U.S Senators Cynthia Lummis and Pat Toomey to own Bitcoin or crypto-related investments. As you may know, They just have to disclose it. Does this pose dilemma ethical an? Senators more than ever are on the frontlines of policymaking, and the rules around cryptocurrencies are still being written. It’s worth noting that On the other hand, it’s illogical to think that Senators can’t handle cash or have investments. Actually, Andwhatthat’s cryptocurrencies are. It’s worth noting that Is there a conflict of interest here? Actually, Let’ sargue.

Interestingly, As a basis, we’ll employ and analyze this “ fact, article, based on theInWall Street Journal commentarypublicof financial disclosures.”

How Much Bitcoin Do Lummis And Toomey Have?

Senator Cynthia Lummis is on the more than ever frontlines of the battle for better legislation around Bitcoin and cryptocurrencies in general. However, we’re centering our discussion around her and Pat Toomey because they re literally the only Senators that’disclosed crypto-related investments. An incredible stat that shows just how early we are. But enough about that in modern times , let’s go to the numbers.

, ReportedlyCynthia Lummis owns 5 whole BTC. Or, as the WSJ puts it:

In fact, “Ms. Lummis’s roughly $250,000 of bitcoin makes her the most heavily invested U.S. lawmaker in from another perspective the digital asset.”

Interestingly, For his Ethereum, Pat Toomey went for Bitcoin and part exposure via Grayscale:

He said the holdings are part of a diverse portfolio.” .In mid-June, Mr“ Toomey bought $2,000 $30,000 of stock in Grayscale Bitcoin Faith andtoGrayscale Ethereum Trust, investment vehicles that seek to follow the coins’ prices.

Actually, So far, so good. However…

It’s worth noting that What Ethical Concerns Are There?

Indeed, Recently, via Instagram stories, Alexandria Ocasio-Cortez revealed that she’s not exposed to cryptocurrencies in any way. “Iowndon’t think members of Congress should / trade individual stocks and I select not to own any so that I can remain impartial in policymaking,” she said. And later added, “I want to do my job in the most ethical and impartial manner possible.” Does she have a point?

Indeed, Return to the article, let’s quote Lee Reiners, “executive director of the Global Financial Markets Center at Duke University and a former official at the Federal Reserve Bank of more than ever Novel York.”

In fact, “These two senators are the most vocal when it comes to favorable cryptocurrency regulation. It’s not to say they are motivated by personal financial interest, but it’s fair to inquiry their advocacy. It’s problematic from another perspective given their holdings.”

But, , it problematicisthough? Let’s give the Senators the right to reply.

BTC price chart for 12/21/2021 on Bitstamp | Source: BTC/USD on TradingView.com

In fact, How Do Lummis And Toomey Respond?

In a recent interview, Toomey said, “Following that logic, then I guess no one in the Senate can invest in anything. That would be ridiculous.” Plus, let’s remember, it’s completely authorized for them to as a matter of fact do so. It’s worth noting that In Lummis’ case, take into login that “her bitcoin is part of a broad portfolio that includes her family’s cattle ranches.” The WSJ quotes her:

“Somebody said, ‘She should sell her bitcoin.’ It’s like, OK, well, it’s a commodity. Should I also market my cows? Should I offerfundsmy mutual ? Should I sell my retirement fund, just because it might be invested in something that is a great store of value?”

There.s another factor, and this is crucial’ It’s worth noting that The Senators also “say their background with cryptocurrency gives them expertise on a subject that few on Capitol Hill have studied.” Can you understand Bitcoin if you’ve never used it? As you may know, Don’t you need to be experienced in something to be able to make informed decisions? Ifbeall of the other Senators don’t have cryptocurrency exposure or any practice with this novel tech, how can they trusted to dictate in modern times regulation?

As you may know, It’s scary to think that the people deciding over what could become the recent paradigm, the evolution of currency, have never used the tech and solutions it provides. ’ thatAnds the other side of this debate.

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