Republican congressman violates federal law with botched cryptocurrency disclosures
A Republican congressman violated a federal financial disclosure law by reporting two cryptocurrency purchases as much as a month past a mandatory deadline, a Raw Story review of congressional documents indicates.
Rep. Mike Collins (R-GA) reported two purchases of Ethereum cryptocurrency, each valued between $1,001 to $15,000.
He made the purchases on Oct. 9 and Nov. 5, but he did not publicly report them until Dec. 22 — well past the disclosure deadline required by the Stop Trading on Congressional Knowledge (STOCK) Act.
The 2012 law aims to stop insider trading, curb conflicts-of-interest and enhance transparency by requiring members of Congress to publicly report within 45 days most purchases, sales and exchanges of stocks, bonds, commodity futures, securities and cryptocurrencies.
Collins on Dec. 22 properly reported two separate Ethereum purchases, each valued at up to $15,000.
Collins’ congressional office did not respond to Raw Story’s requests for comment.
Rep. Mike Collins (R-GA) leaves a House Republican Conference meeting on Nov. 2. Collins violated the STOCK Act with two late disclosures of cryptocurrency. Anna Moneymaker/Getty Images
Another legislator, Sen. Angus King (I-ME), was as much as two weeks late in disclosing two of his spouse’s early-November sales of municipal securities, with a total value between $16,002 to $65,000. (Lawmakers are allowed to disclose the values of such trades in broad ranges.)
“With the filing deadline falling over a long holiday weekend – as it does from time to time – it was submitted as soon as our point person logged on this morning,” Matthew Felling, a spokesperson for King, told Raw Story on Tuesday. “Senator King and his wife keep their own financial counsel and do not consult each other on investments.”
Felling said the U.S. Senate Select Committee on Ethics, which is in charge of enforcing compliance with the STOCK Act, had not been in touch with King’s team. The standard fine for violating the law is $200.
King is a co-sponsor of the Ending Trading and Holdings In Congressional Stocks (ETHICS) Act, one of several bills introduced by a bipartisan group of lawmakers aimed at banning congressional stock trading.
Sen. Angus King (I-ME) speaks with Sen. Sheldon Whitehouse (D-RI) on Sept. 11. King was as much as two weeks late in disclosing two of his spouse's municipal security sales. Drew Angerer/Getty Images
Other similar bills include the Ban Stock Trading for Government Officials Act, the Bipartisan Restoring Faith in Government Act, the TRUST in Congress Act and the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act.
Raw Story has identified at least 39 members of the 118th Congress — including Collins and King — who have violated the STOCK Act.
Raw Story has also identified other legislators whose stock investments pose potential conflicts of interest with their committee appointments, including Sens. Tommy Tuberville (R-AL) and Markwayne Mullin (R-OK) and Reps. Bill Keating (D-MA) and Debbie Dingell (D-MI).
During the 117th Congress from 2021 to 2022, at least 78 members of Congress — Democrats and Republicans alike — were found to have violated the STOCK Act's disclosure provisions, according to a tally maintained by Insider.