Georgia Representative Mike Collins has disclosed purchasing up to $65,000 worth of Ethereum (ETH), according to documents filed with the U.S. House of Representatives in 2024. The filing, found in the House Financial Disclosure Reporting Database on January 9, revealed that Rep. Collins acquired up to $15,000 worth of ETH on January 3 and an additional $50,000 worth of tokens on January 8. Similar documents indicate that Collins has been actively trading ETH since at least 2023, with reported total purchases reaching up to $110,000. The STOCK Act requires U.S. lawmakers to report their investments to Congress, although they can still engage in oversight or propose legislation related to their investments, leading to concerns about potential conflicts of interest.
Rep. Collins' Ethereum purchase coincided with a more than 11% surge in the token's price over the past seven days, rising from approximately $2,200 on January 3 to $2,466 at the time of filing. Speculation has emerged that Ethereum's price could experience further increases if the U.S. Securities and Exchange Commission approves a spot Bitcoin exchange-traded fund (ETF), an announcement expected on January 10.
These disclosures were submitted around nine days before the U.S. government shutdown after Congress failed to pass a spending bill by January 19. Past government shutdowns have impacted various markets, including cryptocurrencies, due to heightened economic uncertainty during such periods.
In another political context, Republican candidates for the 2024 U.S. presidential election are scheduled to hold the first debate on January 10 in Iowa. However, pro-crypto candidate Vivek Ramaswamy, with about 6% support in Iowa polls, will not be participating in the debate alongside Florida Governor Ron DeSantis and Nikki Haley.
