Mike Collins, who has represented Georgia’s 10th Congressional District in the United States House of Representatives since 2023, disclosed three altcoin investments while in Congress.
In financial disclosure reports filed with the House of Representatives from July to August, Representative Collins revealed purchases of up to $15,000 in Velodrome (VELO), up to $15,000 in The Graph, and up to $115,000 in Aerodrome Finance (AERO). The same disclosures showed the US lawmaker partially sold his AERO holdings on Aug. 4 before making another purchase between $15,001 and $50,000 on Aug. 5.
The filing suggested that Representative Collins was one of the few lawmakers in the US Congress to actively trade tokens with smaller market capitalizations, as opposed to cryptocurrencies like Bitcoin and Ether. However, in January, the Georgia representative also disclosed purchasing up to $65,000 in ETH.
Representative Collins is running to keep his seat in 2024 during a US election season in which many candidates are taking positions on digital assets. Other lawmakers, including Texas Senator Ted Cruz and Wyoming Senator Cynthia Lummis, have previously disclosed crypto investments while in office.
Republican presidential nominee Donald Trump has previously said he plans to have all BTC mined in the US, has opposed introducing a central bank digital currency, and has spoken at a crypto conference. Representative Collins, a Republican, said he will support Trump in 2024.
Democratic nominee and Vice President Kamala Harris, who launched her campaign after President Joe Biden said he would not seek reelection in July, has been relatively silent on crypto and blockchain. During the Democratic National Convention in August, a Harris campaign aide said the VP would support policies for the industry.
Under the Stop Trading on Congressional Knowledge (STOCK) Act, US lawmakers are largely required to report investments in stocks and cryptocurrencies. Many have criticized this policy for continuing to allow members of Congress to oversee or propose legislation on matters potentially related to their investments without legal consequences.
In July, a bipartisan group of US senators called on House leaders to amend the STOCK Act to prevent lawmakers from engaging in stock trading. They called the practice “unethical” and said it “undermines the public trust in our democratic institutions.” It’s unclear if any legislation would have enough support from the House of Senate to pass in 2024.
