• bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds
  • INVESTMENTS
    • Crypto General
    • Masternodes
    • Mining Projects
    • NFTS Investments
    • Invest In ICO
    • Exchanges
    • Staking Yeild Farming
  • WORLD
  • USA
  • CANADA
  • JAPAN
  • UK
  • UAE
  • INDIA
  • MORE
    • BRAZIL
    • AUSTRALIA
    • EL SALVADOR
    • CENTRAL AMERCIA
    • SOUTH AMERICA
    • AFRICA
    • EUROPE
    • ASIA
    • OCEANIA
    • ICO
  • Login
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE
HealthNews
No Result
View All Result
Home Uncategorized

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

CB4U by CB4U
January 2, 2022
in Uncategorized
0
Do Senator Lummis & Toomey’s Bitcoin Holdings Pose Ethical Concerns? Let’s Argue
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

It’s completely legal for U.S Senators Cynthia Lummis and Pat Toomey to own Bitcoin or crypto-related investments. They just have to disclose it. Does this pose an ethical dilemma? Senators are on the frontlines of policymaking, and the rules around cryptocurrencies are still being written. On the other hand, it’s illogical to think that Senators can’t handle money or have investments. And that’s what cryptocurrencies are. Is there a conflict of interest here? Let’s argue.

As a basis, we’ll use and analyze this article, based on the “Wall Street Journal review of public financial disclosures.”

How Much Bitcoin Do Lummis And Toomey Have?

Senator Cynthia Lummis is on the 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, let’s go to the numbers.

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

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

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

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

So far, so good. However…

What Ethical Concerns Are There?

Recently, via Instagram stories, Alexandria Ocasio-Cortez revealed that she’s not exposed to cryptocurrencies in any way. “I don’t think members of Congress should own / trade individual stocks and I choose 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?

Back 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 New York.”

“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 question their advocacy. It’s problematic given their holdings.”

But, is it problematic, though? Let’s give the Senators the right to reply. 

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

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 legal for them to do so. In Lummis’ case, take into account 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, well, OK, it’s a commodity. Should I also sell my cows? Should I sell my mutual funds? 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. The Senators also “say their experience 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? Don’t you need to be experienced in something to be able to make informed decisions? If all of the other Senators don’t have cryptocurrency exposure or any experience with this novel technology, how can they be trusted to dictate policy? 

It’s scary to think that the people deciding over what could become the new paradigm, the evolution of money, have never used the technology and solutions it provides. And that’s the other side of this debate.

Featured Image: jensjunge on Pixabay | Charts by TradingView
Advertisement Banner
Previous Post

Why XRP Holders Could Be Key In Lawsuit Against Ripple Labs

Next Post

How The XRP Community Reply To The SEC’s “Shady” Move

CB4U

CB4U

Next Post
How The XRP Community Reply To The SEC’s “Shady” Move

How The XRP Community Reply To The SEC’s “Shady” Move

Discussion about this post

RECOMMENDED

Important Things to Know About Bitcoin ATMs

Important Things to Know About Bitcoin ATMs

11 months ago
Mt. Gox To Start Repayment of 142K BTC; Bitcoin Price In Trouble?

Mt. Gox To Start Repayment of 142K BTC; Bitcoin Price In Trouble?

2 months ago

DON'T MISS

Solana Woes Worsen in $320 Million (120K wETH) Wormhole Bridge Hack

4,000 ETH ($7.5M) Compromised Following Latest DeFi Exploit

May 28, 2023
Jimbos Protocol hacked for $7.5M, JIMBO price drops 40%

Jimbos Protocol hacked for $7.5M, JIMBO price drops 40%

May 28, 2023
Will $DOGE Price Hit $0.082 or $0.065?

Will $DOGE Price Hit $0.082 or $0.065?

May 28, 2023
Crypto Wallet DEBACLE WORSENS? Bitboy Ledger CTO Interview

Crypto Wallet DEBACLE WORSENS? Bitboy Ledger CTO Interview

May 28, 2023
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds

The Cryptocurrency Bazaar 4U was founded in 2020 for providing the most trusted information for the Crypto enthusiasts covering a broad range of news about blockchain technology, cryptocurrency assets, emerging fintech trends in the decentralized space, and other related wide array of information surrounding this emerging technology.Our team provides the most up-to-date and accurate news from different sources in this space comprising of unbiased news, in-depth analytics, detailed cryptocurrency price charts, and insightful opinion pieces is the basis of our editorial content.

POPULAR POSTS

Solana Woes Worsen in $320 Million (120K wETH) Wormhole Bridge Hack

4,000 ETH ($7.5M) Compromised Following Latest DeFi Exploit

May 28, 2023
Jimbos Protocol hacked for $7.5M, JIMBO price drops 40%

Jimbos Protocol hacked for $7.5M, JIMBO price drops 40%

May 28, 2023
Will $DOGE Price Hit $0.082 or $0.065?

Will $DOGE Price Hit $0.082 or $0.065?

May 28, 2023

Categories

  • AFRICA
  • ALTCOIN
  • ASIA
  • AUSTRALIA
  • BITCOIN
  • BLOCKCHAIN
  • BRAZIL
  • CANADA
  • CENTRAL AMERCIA
  • CRYPTO GENERAL
  • EL SALVADOR
  • ETHEREUM
  • EUROPE
  • EXCHANGES
  • ICO
  • INDIA
  • INVERST IN ICO
  • INVESTMENTS
  • JAPAN
  • MASTERNODES
  • MINING
  • MINING PROJECTS
  • NFTS
  • NFTS INVESTMENTS
  • OCEANIA
  • SINGAPORE
  • SOUTH AMERICA
  • STAKING & YEILD FARMING
  • UAE
  • UK
  • Uncategorized
  • USA
  • VIDEOS
  • WORLD
  • CONTACT US
  • DISCLAIMER
  • PRIVACY POLICY
  • ABOUT US
  • CLASSIFIED
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

No Result
View All Result
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H