As a seasoned crypto investor with over two decades of experience under my belt, I find Rep. Mike Collins’ investment in Ski Mask Dog (SKI) intriguing. While many politicians have dabbled in traditional stocks, it’s refreshing to see a congressman venture into the world of decentralized finance.
However, as someone who has seen crypto markets surge and plummet like a rollercoaster ride, I can’t help but feel a mix of excitement and trepidation for Rep. Collins’ investment. The fact that he made his purchase around the time of the US election, when many cryptocurrencies were experiencing a surge, adds an interesting layer to this story.
I must admit, I find it amusing that Congress, known for its slow-moving bureaucracy, is now playing catch-up with the lightning-fast pace of the crypto world. It’s like watching a turtle try to keep up with a cheetah – entertaining, but unlikely to end well without some stumbles along the way.
In terms of potential conflicts of interest, I believe that as long as Rep. Collins adheres to the STOCK Act and discloses his investments promptly, there should be no issues. After all, if you can’t beat ’em, join ’em, right? Or in this case, invest ’em!
Now, let me leave you with a little humor – I hope Rep. Collins has a good wallet to store all those SKI tokens he bought, because as we all know, the only thing more volatile than cryptocurrency prices are congressional term limits!
In my role as a researcher, I noted that during the commencement of the 119th session of the United States Congress, a colleague from Georgia submitted a disclosure report, revealing their involvement with cryptocurrencies, effective New Year’s Day.
On January 1st, Representative Mike Collins disclosed in his financial report to the US House of Representatives that he had bought shares worth between $1,001 and $15,000 of Ski Mask Dog (SKI), a cryptocurrency introduced in May 2024.
The report and one filed in December indicate that Representative Collins carried out three transactions, each worth up to $15,000 of the token, between December 1st and December 3rd. These purchases were made approximately a month after the U.S. election, when the value of numerous cryptocurrencies was significantly increasing.
In the November election, Representative Collins, a Georgia-based Republican, successfully defended his seat against Democratic challenger Lexy Doherty, securing over 63% of the votes cast.
As a researcher investigating this individual’s financial dealings, it remains uncertain if his investments were directly linked to his electoral success. However, during his tenure in office, I’ve noticed disclosures of transactions involving Ether (ETH), Velodrome (VELO), Aerodrome Finance (AERO), and The Graph (GRT).
According to the Stop Trading on Congressional Knowledge (STOCK) Act, US lawmakers are mainly expected to reveal their transactions involving stocks and cryptocurrencies. By January 3rd, it seemed that Rep. Collins was the only member of Congress to submit a report in the year 2025.
From its debut in May until the U.S. election on November 5, SKI was trading below $0.01. However, an unprecedented rise occurred on December 5, taking the token’s price to a record high of over $0.35. At the time of publication, it had dropped slightly to approximately $0.25.
Moves to ban crypto trading among US lawmakers?
Representative Collins, similar to Senators Ted Cruz from Texas and Cynthia Lummis from Wyoming, has revealed that he owns cryptocurrencies. However, these investments do not seem to be the main focus in his political agenda.
This individual has supported bills that have been applauded by crypto industry leaders, such as the Financial Innovation and Technology for the 21st Century (FIT21) Act, and has expressed a desire to act swiftly during the 119th session of Congress.
Some congress members have strongly criticized the current disclosure policy for investments, pointing out possible conflicts of interest while serving in office. In July, a group of senators from both parties urged House leaders to revise the STOCK Act to prohibit legislators from participating in stock trading. It remains undecided whether the upcoming Congress session will take up similar legislation.
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2025-01-03 20:20