Georgia Congressman Mike Collins Invests Heavily in Ether Amidst Price Spike
Summary:
Representative Mike Collins from Georgia revealed investments up to $65,000 in Ether in 2024, according to reports filed with the U.S. House of Representatives. These investments came amidst a price surge in Ether. The reports were filed before the potential U.S government shutdown, raising speculations of impact on crypto markets. Collins' investments dovetail with his legislative duties under the 'STOCK Act', sparking criticisms of potential conflicts of interest.
Reports filed with the U.S. House of Representatives reveal that Mike Collins, a representative from Georgia, invested up to $65,000 in Ether (ETH) in 2024. A submission to the House’s Financial Disclosure Reports Database on January 9 shows that Collins had bought ETH worth up to $15,000 on January 3 and up to $50,000 on January 8. Evidence from related filings indicates that the congressman has been trading in ETH since at least 2023, with total purchases amounting up to $110,000.
Source: Financial Disclosure Reports Database, U.S. House of Representatives
The Stop Trading on Congressional Knowledge Act, commonly known as the STOCK Act, mandates that U.S. lawmakers disclose their investments to Congress. Nonetheless, they can continue to oversee or propose legislation relating to subjects that might impact their investments. Critics argue that this could be a possible conflict of interest as it may weave together their public duties and personal financial gains.
The ETH investments by Collins coincided with a price spike of over 11% in the token in the past week, climbing from approximately $2,200 on January 3 to $2,466 at the point of writing. Speculation is rife among some experts that ETH may see a surge due to the possible approval of a first-ever spot Bitcoin (BTC) exchange-traded fund by the U.S Securities and Exchange Commission, an event anticipated to occur by January 10.
The disclosure documents were filed about nine days prior to a potential U.S governmental shutdown if the Congress doesn't pass a spending bill by January 19. Past shutdowns have had knock-on effects on various markets, including cryptocurrencies, primarily due to the ensuing economic instability.
The first presidential election debate for the Republican Party's 2024 candidates is scheduled for January 10 in Iowa. Vivek Ramaswamy, a pro-crypto candidate who holds roughly 6% of the votes in Iowa, will not participate in the debate against Ron Desantis, the Governor of Florida, and Nikki Haley.
Published At
1/10/2024 10:49:55 PM
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