Georgia Representative Mike Collins has disclosed the purchase of up to $65,000 worth of Ether (ETH) in 2024, according to documents filed with the U.S. House of Representatives. The filings, dated January 9, reveal that Collins bought up to $15,000 worth of ETH on January 3 and an additional $50,000 on January 8. This is not the first time the U.S. lawmaker has traded in ETH, with records showing he has been involved in such transactions since at least 2023, with total purchases amounting to $110,000.
Under the Stop Trading on Congressional Knowledge Act, or STOCK Act, U.S. lawmakers are required to report their investments to Congress. Despite this, they are allowed to propose or oversee legislation that could potentially affect their investments. This has raised concerns about a possible conflict of interest between their roles as public servants and their personal wealth.
The timing of Collins’ ETH purchases coincides with a surge in the token’s price, which increased by more than 11% in the week leading up to the disclosure, rising from approximately $2,200 on January 3 to $2,466 at the time of reporting. Some experts have suggested that ETH could rally further in response to the U.S. Securities and Exchange Commission potentially approving a spot Bitcoin (BTC) exchange-traded fund for the first time, an event anticipated to occur by January 10.
The disclosure of Collins’ investments comes just nine days before a potential U.S. government shutdown, should Congress fail to pass a spending bill by January 19. Previous shutdowns have had significant impacts on various markets, including cryptocurrencies, largely due to the economic uncertainty they create.
In related news, the Republican Party candidates for the 2024 U.S. Presidential Election are set to debate in Iowa on January 10. Pro-crypto candidate Vivek Ramaswamy, who has polled at around 6% in Iowa, will not be participating in the debate against Florida Governor Ron Desantis and Nikki Haley.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Ron Desantis, Vivek Ramaswamy, Nikki Haley, Mike Collins |
| Companies | Republican Party, U.S. Securities and Exchange Commission, U.S. House of Representatives, House’s Financial Disclosure Reports Database |
| Currencies | Bitcoin, Lido Staked Ether |
| Securities | None |
