Rep. Mark Green, R-Tenn., Made history last month as the first congressman to cash in on the dogecoin cryptocurrency rush – making two purchases between $ 1,000 and $ 15,000 each , according to public disclosure forms.
The investments were added to Green’s already heavy crypto wallet, which contains Basic Attention Token, CELO, EOS, Etherium and Stellar Lumens, according to an analysis compiled by unusual whales, a market research start-up. He is one of only three known American representatives to have invested in this burgeoning technology.
Since discussions about regulating the industry are currently underway, such an investment by a congressman is “grossly inappropriate,” says Richard Painter, a former White House ethics lawyer under President George W Bush and professor of law at the University of Minnesota.
âI am amazed that this is allowed,â Painter told Salon. “We have conflict of interest laws that govern the executive officials in charge of regulation. Why are lawmakers treated any differently?”
Green’s office declined to comment on this report.
The valiant Tory began his career as an army medic, and he was known during his time in the Tennessee Legislature for helping end the state’s income tax program and pushing for the well-debunked theory that vaccines cause widespread autism in American children. Green’s famous recent cause has been opposition to “critical race theory.” introduce a bill this month ban diversity training and anti-racist lessons from being taught in military service academies.
Since its first purchase of Dogecoin on April 1, when it was near $ 0.06, the dog-themed digital currency has seen an incredible rise, doubling its value to $ 0.12 by the time Green made its second acquisition two weeks later, on April 14.
Dogecoin, which was originally created in 2013 as a joke, was trading for as low as $ 0.01 earlier this year before a revival fueled by high-profile endorsements from Dallas Mavericks owner Mark Cuban of the Food Network star Guy Fieri, fitness guru Jillian. Michaels, Tesla CEO Elon Musk and KISS leader Gene Simmons, among others. Doge traded as high as 0.72 a cent on May 7.
It also appears that Green cashed in at least part of his investment at the right time, unloading from $ 1,000 to $ 15,000 May 11 – Just days after Musk appeared on SNL, the cryptocurrency crashed. By the time Green sold, Doge was trading for around $ 0.50 – a whopping 733% increase from his first purchase on April 1.
Since then, Dogecoin has continued to fall and stood near $ 0.34 on Friday afternoon.
Green’s obsession with crypto is relatively recent, starting with two purchases of $ 1,000 to $ 15,000 each in Basic Attention Token and CELO in March, according to the disclosure documents. He also bought another $ 1,000 at $ 15,000 each in EOS, Etherium, and Stellar on April 13.
It is still unclear whether the congressman still owns the investments today – although no sales have been reported.
The purchases come as Congress and other federal regulatory agencies reflect on how to oversee this relatively new industry, which has been plagued since its inception by volatility, criminal links and even outright manipulation. according to experts.
“This is something that requires some monitoring,” Senator Mark Warner, D-Va., Chairman of the Intelligence Committee, told Bloomberg this week.
The efforts have been plagued by older lawmakers, who by their own admission don’t know much about the technology.
Senator Cynthia Lummis, R.-Wyo., And Representative Bob Goodlatte, R.-Va., both disclosed investments in Bitcoin, perhaps the most well-known cryptocurrency. Lummis, who took office earlier this year, told Fox News that one of her first priorities was to explain Bitcoin to her colleagues – even though she admits to an uphill battle.
“I’m still in a learning mode,” said Sen. Richard Blumenthal, D-Conn., Of the technology in a interview with Bloomberg recently. “Like we all are.”