The world of cryptocurrency has been turbulent for the past few months, with the collapse of the crypto exchange market, FTX creating an unstable climate. Volatility surrounding digital currencies has led to a rise in politicians’ trading crypto-related assets.
Capitol Trades' extensive data, accessible on our free-to-use platform here, provides updates on the latest trades made by Capitol Hill politicians. This includes the burst of activity surrounding crypto shares.
Since launching in 2021, the platform has served as an invaluable tool for journalists covering the trading activity of politicians. Last month, we highlighted our favorite media stories from late 2022 that feature our data.
Recently, our data has been at the heart of congress member stock trades stories from CNBC, BeInCrypto, and more.
Crypto Causing a Storm on Capitol Hill
In December, CNBC published an article by Political Finance Reporter Brian Schwartz titled “Washington lawmakers hold on to crypto holdings despite calls for new laws in the wake of FTX collapse”. In light of the collapse of FTX, several politicians were identified by Capitol Trades for making crypto-related transactions.
The article references Capitol Trades’ data, noting that at least nine Washington-based lawmakers have traded crypto stocks and assets. Capitol Trades explored recent trades made on cryptocurrency bank Silvergate Capital Corp (SI:US) by US senators.
Despite this, numerous Congress members have verbally doubled down on the crypto holdings. Senator Pat Toomey, for instance, insisted to CNBC they will continue to “HODL” (hold on for dear life) their investments in cryptocurrency.
There appear to be varied sentiments around selling or holding crypto and an even more heated debate about whether Congress members should be allowed to trade them as financial assets.
An article published by BeInCrypto goes into further detail on CNBC’s report, identifying the portfolios of “US Policymakers Still Keen on Their Crypto Investments Despite Bear Market”.
Even though he holds crypto assets, Senator Tommy Tuberville has questioned who within the US government is “overseeing crypto’s environmental, social, and governance ratings”. Tuberville is one of Capitol Hill’s most prolific traders, recently disclosing some large-scale trades in PayPal (PYPL:US).
What Other Congressional Trades Are Trending?
With the help of an extensive library of daily reports, industry-leading data, and insights from our experts, 2iQ Research and Capitol Trades are well-positioned to underpin global reporting insider transactions and Congress trading activity.
Benzinga has featured Capitol Trades’ data to analyze politician trades recently, tracking the investments of:
Breitbart News utilized the recent addition of Capitol Trades’ Insights to delve into the trades of Representative Trey Hollingsworth. Hollingsworth has traded stocks in the finance and energy sectors, worth up to $1,000,000.
Politicians’ trades reported by the media have been central to the debate around the effectiveness of the STOCK Act. Members of Congress and their family members’ stock market activity is under the microscope of journalists more than ever.
Stay tuned to 2iQ’s blog for valuable insights on politicians and insider trading activity.