Citation Needed – Issue 75 – Absolutely preposterous Trump horrifies even some of his crypto-steeped fans by launching a memecoin before his inauguration, and a flurry of activity from the new administration signals what’s in store for the crypto world in the next four years. Molly White 24 Jan 2025 Senator Cynthia Lummis (R-WY) faked out the bitcoin markets by tweeting “₿ig things are coming” and then “Stay tuned for 10 A.M.” Bitcoin prices jumped on the news as many anticipated that it would for some reason be her announcing the bitcoin strategic reserve. Instead, at 10:44am, she tweeted that she was “honored to chair the Senate Banking Subcommittee on Digital Assets” — something Punchbowl News journalist Brendan Pedersen had reported weeks ago.17 Personally, I think it’s not great that a Senator who personally holds bitcoin can move bitcoin markets by a couple thousand dollars with just a tweet — and it’s not great that someone with a financial stake in crypto is tasked with regulating the sector.d The Subcommittee is stacked with crypto proponents, with pro-crypto Ruben Gallego (D-AZ, recipient of $10 million in crypto PAC funding) serving as the ranking member. Pro-crypto Republicans Bernie Moreno (OH, recipient of $40 million), Dave McCormick (PA, recipient of $35,000), Thom Tillis (NC), and Bill Hagerty (TN) are also taking seats. However, the Democrats besides Gallego on the committee have historically been skeptical of crypto: Mark Warner (VA), Chris Van Hollen (MD), and Tina Smith (MN).18
My letter to reps:
There should obviously be a rule that elected officials can’t hold cryptocurrency and use their positions in Congress to move markets with posts on social media about what they’re doing in legislation or by making noises about what they’re up to in the Senate Banking Subcommittee on Digital Assets and then subsequently make money on their investments in this scammy financial scheme that resembles a rigged casino for public officials.