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Alabama lawmaker Barry Moore has purchased ETH, ADA, and Doge in the last two months, but his assets have suffered as a result of the crypto slump.
This week brought news of two opposing approaches to cryptocurrency from members of the United States Congress.
Over the last two months, Alabama Congressman Barry Moore has been stockpiling cryptocurrencies such as Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE).
Meanwhile, anti-crypto California Congressman Brad Sherman, whose declared goal is to shut down crypto, has allegedly collected more than $100,000 in campaign donations from major financial institutions.
According to a July 2 trading disclosures filing with the clerk of the House of Representatives, Moore purchased ETH on May 5, he bought ADA on May 10, 11, 13, and bought DOGE on June 13.
The document misspells Ethereum as “Etherium” and crypto as “cryto,” but it does offer a range of $1,001 to $15,000 for each purchase.
Moore might have spent up to $75,000, and he may have been compelled to hodl because all of his assets have suffered since the crypto slump began on May 12.
Ethereum was priced at around $3,400 on May 5 and has since declined by 32% to sit at $2,300 at the time of writing, according to data from CoinGecko.
The Republican Congressman’s committee duties include the Agriculture Committee and the Veterans Affairs Committee, and the 54-year-old has not publicly voiced his views on cryptocurrency. Actions, however, speak louder than words.
Senator Cynthia Lummis, who pushed for adopting Bitcoin as part of a diversification strategy for retirement plans last month, is another pro-crypto Republican.
California Democrat Congressman Brad Sherman is one of the most outspoken anti-crypto members of Congress, having previously advocated for cryptocurrency to be banned and recently claiming that buying lottery tickets is more prudent than investing in cryptocurrency.
“Cryptocurrencies have the political support of ‘patriotic’ anarchists who support tax evasion,” he stated, adding, “I hope we shut it down.”
— Rep. Brad Sherman (@BradSherman) June 30, 2021
A recent article from the Foundation for Economic Education highlights data from OpenSecrets.org that shows eight financial firms rank amongst Sherman’s top 20 donors for his 2020 campaign committee, including Capital Group Companies with $18,400, Blackstone Group with $16,800, BlackRock Inc with $11,250, and American Bankers Association with $10,000. Make of that what you will.