Senate Advances Stablecoin Bill Amid Lawmakers' Crypto Investments

As the debate over stablecoin regulation intensifies in the US Senate, the issue of senators' personal investments in cryptocurrencies and related firms has come to the forefront. On May 19, the Senate voted to advance the GENIUS Act, which aims to establish a regulatory framework for stablecoins. The measure passed with a vote of 66-32, with 16 Democrats supporting the bill. Following the vote, Colorado Senator Michael Bennet introduced the STABLE GENIUS Act, which seeks to prevent members of Congress from issuing or investing in digital currencies and requires them to place their crypto holdings in a blind trust while in office.

Despite the introduction of bills aimed at preventing members of Congress from investing in companies they regulate, lawmakers are still required to disclose rough estimations of their, their spouse’s, and their children’s investments. Here are 11 senators who have invested in crypto firms.

Tim Sheehy, a Republican from Montana, is a newcomer to the Senate, having secured his election in the 2024 cycle. During his campaign, Sheehy highlighted the potential of crypto, stating that it represents the future of finance and the internet, and could create thousands of jobs in the US. According to a June 2024 filing, Sheehy has an investment between $1,001 and $15,000 in Intercontinental Exchange, which offers futures contracts on cryptocurrencies.

Steve Daines, a Republican from Montana, has been in the Senate for 10 years. He has become a proponent of the crypto industry, associating with industry leaders and receiving awards from crypto organizations. In a November 2024 filing, Daines reported selling shares in several cryptocurrency-related exchange-traded funds (ETFs), including Valkyrie Bitcoin and Ether Strategy ETF, Vaneck Bitcoin Strategy ETF, Proshares Bitcoin Strategy ETF, Bitwise Crypto Industry Innovators ETF, and Proshares Bitcoin Strategy ETF.

Jacky Rosen, a Democrat from Nevada, is currently serving her second term in office. Her platform emphasizes the importance of blockchain and crypto in the digital economy and the need for solid legal frameworks. According to a July 2024 filing, Rosen has an investment in PayPal, which launched its stablecoin in April 2023.

Dan Sullivan, a Republican from Alaska, is in his second term and has co-sponsored the GENIUS Act and supported a joint resolution with the House of Representatives to change accounting standards for crypto companies. According to an August 2024 filing, Sullivan owns shares in BlackRock, which offers crypto-centered ETFs.

Markwayne Mullin, a Republican from Oklahoma, took office in January 2023. He has supported the GENIUS Act and the repeal of Staff Accounting Bulletin (SAB) No. 121. As of an August 2024 filing, Mullin owns shares in Intercontinental Exchange and BlackRock, while his wife owns shares of PayPal.

Tommy Tuberville, a Republican from Alabama, is currently serving his first term in the Senate. He has come out in support of crypto and introduced a bill allowing Americans to put crypto in their retirement funds. According to a July 2024 filing, Tuberville has investments in PayPal.

Katie Britt, a Republican from Alabama, was first elected to the Senate during the 2022 midterms. She accepted donations in cryptocurrency from donors and advocated for the removal of the Securities and Exchange Commission chair. According to a July 2024 filing, Britt’s husband has common stock in crypto-friendly payments firm Block.

Bernie Moreno, a Republican from Ohio, is new to the Senate, securing his seat in the 2024 federal elections. He has called for more favorable regulations for the industry and supported President Donald Trump’s nomination of Paul Atkins to head the SEC. According to an August 2024 filing, Moreno owns between $500,000 and $1 million in shares in online trading platform eToro, which offers crypto trading services.

Shelley Capito, a Republican from West Virginia, has served in the Senate since 2015. She has raised concerns about the use of cryptocurrencies for terrorism financing but has a crypto-friendly voting record. According to a May 2024 filing, her husband had between $15,001 and $50,000 invested in BlackRock.

Dave McCormick, a Republican from Pennsylvania, is a first-term senator who previously served as under secretary of the treasury for international affairs under President George W. Bush. He has boosted his state’s Bitcoin mining industry and received support from industry figures. A March 2025 filing shows a number of purchases in the Bitwise Bitcoin ETF.

Sheldon Whitehouse, a Democrat from Rhode Island, is the senior senator of his state, serving in Congress since 2011. He has raised concerns over the energy consumption of Bitcoin mining and the potential for Russia to use crypto to evade US sanctions. He has voted against the GENIUS Act and co-sponsored the Digital Asset Anti-Money Laundering Act of 2023. According to an August 2024 filing, Whitehouse has investments in Tesla, Block, and PayPal, all between $1,001 and $15,000.

This list is not exhaustive, and there are plenty of companies in which lawmakers invest that are affected by cryptocurrency price movements and market effects. It also does not include any members of the House of Representatives, where crypto regulation is similarly in the works. As crypto becomes more mainstream, lawmakers may become more interested in investing in it, and potential obstacles to congressional investments may flounder and fail to move forward.