A Democratic Representative from Hawaii has declared that she owns a handful of Litecoin and Ethereum. Tulsi Gabbard is the latest politician running in the 2020 elections to disclose crypto holdings. In an income filing, Ms Gabbard purchased between $1001 and $15,000 worth of the two cryptocurrencies. Unfortunately for her, she bought just after the December 2017 all-time high, and appears to have caught them at the beginning of the market correction that appears to still be lingering. This means Ms. Gabbard is nursing some pretty hefty losses, however not nearly as hefty as Cryptohomie’s 85% loss on a $140k bank loan.
Digital Currencies Join the Election Conversation
Various candidates from both parties have been announcing they will be accepting crypto as a form of donation during this election. Presidential candidate Andrew Yang has implemented a stringent KYC policy in order to make sure his crypto donors are legally allowed to donate. Meanwhile, Jared Polis is running with blockchain as part of his platform. He hopes to make Colorado a blockchain haven in the United States. In the previous election, Bitcoin – and other cryptos – barely made any impact. However, this time around, it appears as if cryptos will have more of a say – whether it’s through crypto-friendly promises or Bitcoin donations.
Cryptos Must Be Disclosed
This year, the United States Office of Government Ethics stated that all politicians must disclose their cryptocurrency holdings, no matter how large or small. In addition to this, they must disclose where it is held, for example if it’s held on an exchange, which exchange that is. This could open up a can of worms for politicians, as it could make any digital wallets a potential target for hackers. Hopefully, the crypto hodling politicians are using a hardware crypto wallet and playing it safe when it comes to security.
2020 Might Herald a Crypto Era
So far, regulation regarding cryptocurrencies and blockchain technology has been sparse in America. The SEC has caused crypto market turmoil by declining applications for multiple BTC ETFs, and this market bloodshed is expected to continue for some time. Perhaps this new crypto friendly movement that is up for election could usher in a new era. If more crypto friendly candidates win seats and states, we could begin to see crypto bills being passed through the senate into law.
While Gabbard is feeling the impact of her crypto losses, other government officials and congressmen are enjoying the massive returns. As the election process continues to roll on, we will see more officials declaring their crypto holdings and explaining where they stand on the crypto movement. This could be the most exciting election for crypto enthusiasts to date, as it has the potential to make or break the digital currency industry in America.
