The Two Senators That Own Crypto Are Accused Of Conflict Of Interest

2021-12-20 20:29:20
Unfair Advantage

It seems like two of the senators that push for national crypto regulation, own certain crypto assets, making for a conflict of interest.

According to the analysts, this gives the senators an unfair advantage regarding their expertise in crypto, especially over the lawmakers.

The Wall Street Journal reveals that the two senators in question are Cynthia Lummis, and Pat Toomey.

According to the news outlet, senator Lummis owns $250.000 in bitcoin, while senator Toomey owned two crypto trusts that are worth somewhere between $2.000-$30.000. This amount should be much higher today.

Moreover, it is due to this involvement in crypto, many believe the process won’t be biased. One such individual is Lee Reiners, a former representative from the New York Federal Reserve. Specifically, he sees this advocacy as a problem, due to the personal ties of the involved with crypto.

It’s not to say they are motivated by personal financial interest, but it’s fair to question their advocacy.Lee Reiners | Former Official - New York Federal Reserve

Another opponent of the pro-crypto senators is representative Alexandria Ocasio-Cortez, of the House of Financial Services Committee. Rep. Alexandria believes that due to the access to sensitive information, senators should not dwell on digital assets.

Because we have access to sensitive information and upcoming policy.Alexandria Ocasio-Cortez | Rep. House of Financial Services Committee - Brooklyn Nets
Senator Says Nothing Wrong – The Public Is Divided

Yet, according to senator Pat Toomey, there is no conflict of interest whatsoever. And that if any of the senators own crypto, or wants to make any similar personal investment, they should be able to do so freely.

Tell me what part of the economy we don’t get involved in? Following that logic, then I guess no one in the Senate can invest in anything. That would be ridiculous. Pat Toomey | United States Senator

This news sparked a rather heated conversation on social media platforms, as well as divided public opinion. One believes that there is nothing wrong with senators owning crypto. The other sees the senators owning crypto as an unfair advantage, and as such, a conflict of interest.

Only time will reveal who is right.

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