Congress' Most Prolific Crypto Trader Is a Georgia Trucking Operator

What to know:

He may come from a trucking background in Georgia, but Mike Collins has become a frequent crypto trader in Congress, including trying on a memecoin this week.
Representative Collins, a Republican who just won a second term, bought some Ski Mask Dog tokens earlier this week.

As a seasoned crypto investor with roots deep in the trucking industry of Georgia, I find it fascinating to see fellow Congressmen like Mike Collins diving headfirst into the cryptosphere. While his focus on immigration issues and state empowerment against the federal government might be more newsworthy, it’s his active involvement in crypto trading that piques my interest.

Mike Collins, a freshman Republican in the U.S. House of Representatives, might not be well-known for his stance on cryptocurrency policies, yet his personal investments suggest an extensive involvement in the crypto market. Moreover, his trading activities hint at the growing interest in meme coins even among the ranks of Congress.

Representative Collins, often absent from key U.S. crypto legislation decisions due to his committee roles, has been actively engaged in the trade of digital assets. This week, he made modest purchases of Ski Mask Dog and Aerodrome (AERO), with each transaction valued between $1,000 and $15,000, according to congressional financial disclosures.

A trucking company operator who arrived in Congress last year, Collins is among a handful of direct crypto traders on Capitol Hill. And his is the most extensive record, according to his disclosures, with 19 trades going back to November, including in Ethereum‘s ether (ETH), Velodrome Finance and The Graph (GRT). When his purchase of Ski Mask Dog and AERO was noted on social media site X, he responded by posting an image of Pepe the Frog.

As a researcher delving into the world of cryptocurrencies, I’ve come across Ski Mask Dog – yet another meme-inspired token based on our canine companions. This token, like many others in this category, tends to be highly volatile. Interestingly, Aerodrome stands out as one of the largest decentralized exchanges operating on Base.

Collins boasts an “A” endorsement from crypto supporters Stand With Crypto, reflecting his advocacy for digital asset legislation such as the widely recognized Financial Innovation and Technology for the 21st Century Act (FIT21). He’s set to return to the House next year after securing 63% of the vote last month against a Democratic opponent, ensuring his second term.

The Georgia representative is more recognized for his stance on immigration matters, such as authoring his own legislation that gives states more authority over federal government actions in this area.

Direct investing by members of Congress has long been a controversial topic, with critics raising the hazards posed by potential conflicts of interest and insider trading. But trading of such assets as stocks, bonds and crypto is still on the table for members of the House and Senate, though each transaction is publicly disclosed.

Prior to his defeat in a primary election in 2022, former North Carolina Republican Representative Madison Cawthorn was more actively involved in cryptocurrency trading than Collins. The trades conducted by Collins are typically of relatively small amounts, with other congressional members handling larger sums, such as Michigan Democrat Shri Thanedar who sold at least $365,000 worth of Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) in February.

2024-12-04 20:21

Congress’ Most Prolific Crypto Trader Is a Georgia Trucking Operator

What to know:

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