US policymakers are still bullish on their crypto investments despite the bear market

beincrypto.com

True believers in the digital asset class continue to invest in crypto throughout the bear market, including lawmakers in Washington. 

 Several lawmakers on Capitol Hill are still holding onto their crypto  investments. The revelation is surprising, because most of them are in favor of tightening the working class. 
 According to CNBC, at least nine lawmakers in the House and Senate  traded in more than a dozen different crypto stocks. The data comes from  Capitol Trades, a website that tracks stock trades by Washington lawmakers. 

 Only one out of  ten offices contacted admitted to selling crypto shares after the FTX crash. The other nine have held firm despite  massive falls in crypto and mining stock prices this year. 

 Crypto Investments and Conflicts of Interest 
 This week, Republican Senator Tommy Tuberville revealed that he has some crypto assets. Speaking before the US Senate Agriculture Committee on December 1, he asked who is responsible for overseeing crypto's environmental, social and governance assessments. 

 Senator Pat Toomey said he was reticent when asked about crypto assets. He and his wife owned up to $30,000 in grayscale BTC and ETH funds at the end of last year. 

 According to her latest financial  report, pro-industry Senator Cynthia Lummis holds between $100,001 and $250,000 in Bitcoin. A member of the Senate Banking Committee has introduced a joint bill  that proposes to regulate cryptocurrency as a commodity instead of a security.

A spokesperson for Lummis told CNBC that he is "a self-proclaimed HODLR and nothing has changed that position." Campaign Legal Center ethics attorney Kedric Payne said lawmakers who own cryptocurrencies have a conflict of interest. 

They are trying to regulate the sector because of the FTX crisis. However, they need a balance so they don't over-regulate and alienate the growing crypto-savvy constituency. 

 The general consensus among everyone is that crypto regulations are certainly necessary, but Congress should not throw the baby out with the bathwater. 

 Bear Market Continues 

 This week saw a crisis rally that ended quickly  as  the market turned red again today. According to CoinGecko, the market fell 1% on the day, with a total value of $888 billion. 
 There has been a marginal recovery since last week's FTX crash, but the overall outlook remains very challenging.



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