US lawmaker bought $65,000 in ETH in 2024

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Georgia Rep. Mike Collins purchased $65,000 worth of ether in 2024, according to disclosure documents filed with the U.S. House of Representatives.

According to a Jan. 9 filing with the House Financial Disclosure Reporting Database, Rep. Collins Disclosure He purchased up to $15,000 worth of ETH on January 3 and up to $50,000 worth of tokens on January 8. According to similar records, the US lawmaker has been trading ETH since at least 2023, Report Purchases totaled $110,000.

Source: U.S. House of Representatives Financial Disclosure Reports Database

Under the Stop Trading in Congressional Knowledge Act (STOCK), U.S. lawmakers are largely required to report investments to Congress. However, they can still conduct oversight or propose legislation on issues that may involve their investments, what many call potential conflicts of interest between public services and their private assets.

Collins’ purchase of ETH comes as the token’s price has risen more than 11% in the past seven days, from about $2,200 on January 3 to $2,596 at the time of publication. Some experts speculate that the ETH price increase is a reaction to the U.S. Securities and Exchange Commission’s (SEC) approval of a spot Bitcoin ETF last night (Vietnam time).

The U.S. government will shut down if Congress fails to pass a spending bill by January 19, about nine days before the disclosure. Previous government shutdowns have caused ripple effects across markets, including cryptocurrencies, in part due to economic instability.

Republican candidates for the 2024 US presidential election will hold their first debate in Iowa on January 10. Pro-cryptocurrency candidate Vivek Ramaswamy received 6.2% of the vote in the election detection The Iowa primary will not feature on the debate stage with Florida Gov. Ron DeSantis and Nikki Haley.