A Republican Congressman Mike Collins from Georgia is under scrutiny for violating federal financial disclosure laws by belatedly reporting two cryptocurrency purchases, each worth $1,001 to $15,000.
The Ethereum transactions, made on Oct. 9 and Nov. 5, were disclosed on Dec. 22, missing the mandatory 45-day deadline set by the STOCK Act. This legislation aims to prevent insider trading by requiring prompt public reporting of financial transactions.
Sen. Angus King of Maine, facing similar concerns, explained his spouse’s delayed disclosure of municipal securities sales, emphasizing no consultation on investments.
At least 39 members of the 118th Congress, including Collins and King, have been identified for STOCK Act violations. The U.S. Senate Select Committee on Ethics, responsible for enforcement, has not contacted King’s team. The standard fine for such breaches is $200.
Bipartisan STOCK Act violations expose pervasive challenges in maintaining financial transparency and curbing insider trading, evident in 78 members breaching regulations during the 117th Congress.
Also Read: Crypto Takes Center Stage in Republican Debate
