News of US politicians buying XRP has pumped up the price, who is it?
2025-01-15
Bittime - The digital asset market is stirring again after news that several US politicians, including Guy Reschenthaler (R-Pa.), own digital assets such as XRP.
This came to light after the disclosure of their investment portfolios in accordance with the STOCK (Stop Trading on Congressional Knowledge) Act. Not only Reschenthaler, several other politicians are also known to own various digital assets.
This news is a breath of fresh air for the crypto community, especially XRP fans. Many believe that the entry of public figures into the world of digital assets can trigger wider adoption and strengthen trust in cryptos, including XRP. Has this move also contributed to the recent rise in XRP price?
Who is Guy Reschenthaler and Why Buy XRP?
Guy Reschenthaler, a US Congressman from Pennsylvania, recently reported owning Bitcoin (BTC), XRP, and Solana (SOL). Based on his portfolio, he has invested between $1,000 and $15,000 in each of these assets.
Source wesa.fm
These investments are part of the reporting obligations under the STOCK Act, which requires lawmakers to report financial investments above $1,000. Reschenthaler's decision to buy XRP has attracted attention, given that XRP is often in the news due to its legal case with the SEC.
Other US Politicians Interested in Digital Assets
Not only Reschenthaler, several other lawmakers have also started looking at digital assets. For example, Mike Collins (R-Ga.) revealed ownership of Ether (ETH), Velodrome (VELO), and The Graph (GRT). In fact, Collins was recorded buying large amounts of crypto assets at the end of 2024.
In addition, Barry Moore (R-Al) and Jeffrey Jackson (D-NC) are also reported to have quite interesting digital asset portfolios. This shows that digital assets are gaining acceptance, even among US policymakers.
Also read: Many Predictions of XRP Price Pumping, What Actually Happened?
Impact of News of Politicians Buying XRP on the Market
The entry of politicians into the world of digital assets, including the purchase of XRP, has a positive impact on the market. This sentiment gives more confidence to investors, especially beginners who were previously skeptical of digital assets. The price of XRP, for example, experienced a significant increase after this news broke.
However, on the other hand, this move also sparked ethical debates. Senator Elizabeth Warren, for example, stated that digital asset investments by lawmakers could be a serious conflict of interest.
Also read: Ripple Donates US$100,000 Worth of XRP to California Wildfires
Conclusion: What Should You Do?
The news of US politicians buying XRP is proof that digital assets are starting to gain wider recognition. However, as an investor, you need to do in-depth research before deciding to buy XRP or any other digital asset. The crypto market remains volatile and requires a well-thought-out strategy.
With more and more public figures jumping into the crypto world, including XRP, the future of digital assets looks promising. But is this the beginning of greater adoption or just a temporary trend? Time will tell!
FAQ
Why have US politicians started buying XRP and other digital assets?
US politicians are buying XRP and other digital assets due to the potential for long-term value growth as well as the increasing adoption of blockchain technology in various sectors. Additionally, the transparency of their investments is governed by the STOCK Act.
Do XRP purchases by politicians affect the market price?
Yes, news of XRP purchases by public figures such as politicians can increase positive sentiment in the market, ultimately driving up the price of XRP. However, price movements are also affected by other factors such as adoption, regulation, and global trends.
Is it legal for US politicians to own digital assets like XRP?
Yes, it is legal. However, they are required to report ownership of digital assets above $1,000 in accordance with the rules of the STOCK Act to prevent conflicts of interest.
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References
cryptotimes.io, Rep. Guy Reschenthaler Discloses his BTC, XRP and SOL Holdings, accessed on January 15, 2025.
Author: AWW
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