A congressman revealed he purchased three cryptocurrencies in December, as the industry prepares for a pro-cryptocurrency administration in the White House.
What happened : With many cryptocurrencies reaching new all-time highs following the victory of Donald Trump in the 2024 elections, members of Congress, like Rep. Guy Reschenthaler (R-Pa.), have added cryptocurrency to their portfolio.
According to Benzinga’s Government Trades page for Reschenthaler, the Republican representative revealed these transactions recently in a filing.
Here are the cryptocurrencies purchased and the dates of the transactions:
- December 11: $1,000 to $15,000 Solana (CRYPTO: SOL)
- December 11: $1,000 to $15,000 XRP token (CRYPTO: XRP)
- December 23: $1,000 to $15,000 Bitcoin (CRYPTO: BTC)
These are the first transactions Reschenthaler has revealed since entering Congress in 2019.
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Why it matters : Reschenthaler, 41, has not been as vocal as other members of Congress on the subject of cryptocurrency. This purchase could be partly explained by the idea that Trump’s presidency would be beneficial for the cryptocurrency sector.
Here’s how much the rep paid for these cryptocurrencies compared to what they’re worth today:
- Solana: 11/12 range between $211.99 and $230.51, today $175.83
- XRP: 11/12 range between $2.24 and $2.47, today $2.45
- Bitcoin: 12/23 range $92,403.13-$96,416.21, today $91,836.61
Two of the rep’s purchases lost money, while the XRP purchase turned out to be a winning trade. Benzinga will be closely monitoring members of Congress’ cryptocurrency purchasing activity over the coming months.
Last year, Reschenthaler proposed renaming Washington-Dulles International Airport, located 25 miles from Washington, D.C., as Donald J. Trump International Airport.
“In my lifetime, our nation has never been greater than under the leadership of President Donald J. Trump,” Reschenthaler said at the time. “As millions of domestic and international travelers pass through this airport, there is no better symbol of freedom, prosperity and strength than hearing ‘Welcome to Trump International Airport’ as they land on American soil.”
Next reading:
- If you had invested $1,000 in the XRP token when Bill Clinton spoke at the Ripple conference, here’s what you’d have today
Image : Shutterstock
