For the first time, a sitting U.S. lawmaker has disclosed purchasing XRP, signaling a pivotal moment for crypto adoption in politics.
According to a filing, Pennsylvania Representative Guy Reschenthaler (R) revealed an investment in XRP worth between $1,000 and $15,000. This disclosure came from the Pelosi Stock Tracker account on X, which monitors investment activities of lawmakers.
Data from the filing reveals that besides XRP, Reschenthaler also invested in Bitcoin (BTC) and Solana (SOL) within the investment range of $1,000 to $15,000. Notably, these investments occurred last month, December 2024.
The purchase comes amid heightened speculation in the crypto industry on the back of the forthcoming Donald Trump administration. Crypto industry leaders anticipate clearer regulatory frameworks under the incoming administration.
With Gary Gensler set to resign as SEC Chair on Jan. 20, 2025, pro-crypto former commissioner Paul Atkins is expected to take over. This transition fuels optimism for more favorable regulations.
SEC Lawsuit and XRP Market Surge
Reschenthaler’s purchase, though minimal, could set a precedent for other lawmakers to follow. Interestingly, it coincides with major developments in the legal battle between Ripple and the SEC.
The case reaches an important juncture today. For context, January 15 marks the deadline for the SEC to file its opening appeal brief. However, some legal experts believe the new SEC leadership could come to a settlement. This legal context has bolstered market sentiment around XRP.
As XRP recently breached the $2.8 price level, market intelligence firm Santiment confirmed that whale investors have increased their holdings. Wallets containing 1 million to 10 million XRP have accumulated 37% more coins since November 2024, equating to about $3.8 billion in purchases.
🐳📈 XRP investors are pleased to see the #3 market cap asset reach $2.69 today for the first time since December 17, 2024. This is being supported by continued enormous accumulation from wallets holding 1M-10M XRP, who own over 37% more coins than they did 2 months ago… pic.twitter.com/G3a3N5iSAS
— Santiment (@santimentfeed) January 14, 2025
Further, Ali Martinez, a prominent market analyst, also highlighted this trend. He noted that whales acquired 1.09 billion XRP in just the past week. Reschenthaler’s investment shows growing confidence in XRP during this accumulation phase, with his investment already 10% up, according to Pelosi Stock Tracker.
*Issuing corrected tweet
Guy Reshcenthaler's XRP is having a day
It's up 10% ahead of a major filing deadline for the SEC's case against Ripple Labs https://t.co/OVILB8SzB6
— Nancy Pelosi Stock Tracker ♟ (@PelosiTracker_) January 15, 2025
A Growing Trend Among Lawmakers
Notably, Reschenthaler joins a small but notable group of U.S. politicians investing in crypto assets. Senator Cynthia Lummis, a vocal Bitcoin supporter, disclosed owning up to $230,000 in Bitcoin. She also revealed a Bitcoin purchase in 2021 worth between $50,001 and $100,000.
Senator Pat Toomey disclosed investments in crypto-related products in 2021, including Grayscale’s Bitcoin and Ethereum trusts. In addition, Representative Mike Collins has shown interest in Ethereum and smaller altcoins.
Reschenthaler’s XRP purchase marks the first time a lawmaker has invested in the altcoin. It could set a precedent for other politicians to explore altcoins beyond Bitcoin and Ethereum.
Meanwhile, XRP’s recent rally, with a 22.4% price increase over the past week, now makes it the biggest gainer among the top 100 assets in the last seven days. XRP now trades for $2.83 at press time, up 11.8% in the past 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
