Litecoin (LTC) and Ethereum (ETH) of Interest to A US Congress Member
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Litecoin (LTC) and Ethereum (ETH) of Interest to A US Congress Member

Tulsi Gabbard, a United States Congress Representative revealed in her financial disclosure form that she invested up to $15,000 each in Litecoin(LTC) and Ethereum(ETH) in December of last year.

Congresswoman Gabbard represents the 2nd district of Hawaii and is the youngest person ever to be elected in the Hawaii State Legislature.

Prior to this, Bob Goodlatte, another congressman, who serves as the Chair of the House Judiciary Committee also revealed his investments in cryptocurrencies, namely, Bitcoin and Ethereum. This was done because of the mandatory protocol by the United States government by which the members of the house are required to disclose their holdings in cryptocurrency.

Ethereum and Litecoin rank 2nd and 7th in terms of market capitalization according to coinmarketcap. They have both also been successful in terms of Technology for Ethereum and Adoption for Litecoin.

Charlie Lee, the founder of Litecoin has made extensive efforts towards its widespread adoption. He has clarified multiple times that his priority for Litecoin is towards mass adoption. He wants the cryptocurrency to be adopted by more and more exchanges, merchants and other related platforms.

On the other hand, the Ethereum blockchain is one of the most extensive and developed in terms of technology and use cases. It is therefore preferred by many who want to integrate blockchain in their operations. There are three types of Ethereum tokens – ERC 20, ERC 223 and ERC 777.

In the United States there is no one official stance on the status of cryptocurrencies. While the Securities and Exchange Commission seems to be skeptical by rejecting and delaying multiple Bitcoin ETFs, other politicians such as these are interested in using cryptocurrencies. For instance, a candidate for the South Carolina elections was interested in using crypto money for his campaign, however, the regulatory bodies in the state prevented him from doing so.

Congressman Brad Sherman passed comments on Bitcoin and the cryptocurrency industry during the Subcommittee on Monetary Policy and Trade Hearing:‘The Future of Money: Digital Currency. According to him, mining and trading of cryptocurrencies should be banned for all US citizens.

In July, Congressman Bill Huizenga called on the Congress to focus on crypto regulation during a Bloomberg interview. According to him, there should be more oversight in what he considers to be a muddied and fairly opaque market of digital assets and Initial Coin Offerings. He concluded his views stating,

Everyone’s trying to figure out whether it’s fish or fowl. It turns out it might be a platypus. It’s kind of an unknown, or something sort of in between. How do we deal with that?

Retrospectively, the popularity of cryptocurrency is increase in the United States, just as it is in the rest of the world. According to Google Trends, Hawaii has the largest hits for Bitcoin search. Other states include Colorado, New Jersey, Nevada, Washington, California, Illinois, Utah, New York and Massachusetts. Whether this is because of mere curiosity, or a real interest in investing in cryptocurrencies is unknown.

Read Also: US Investors Can Now Buy Bitcoin ETN

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.