The cryptocurrency sector got a boost Wednesday with the landmark decision by the Securities and Exchange Commission (SEC) to approve multiple applications for spot Bitcoin ETFs.
While the approval could help boost the price and valuation of leading cryptocurrency Bitcoin BTC/USD, a member of Congress has been investing in Ethereum ETH/USD in recent months.
What Happened: The practice of Congress members trading stocks and options has come under heightened scrutiny and attention due to possible conflicts of interest. While they are permitted to engage in such transactions, it is mandatory for these activities to be appropriately disclosed
The same can be said of buying and selling cryptocurrency for members of Congress, with the need to disclose transactions.
Although several members of Congress are known to hold cryptocurrencies and advocate for Bitcoin, there has been less public awareness about their investments in Ethereum. However, recent months have seen a growing trend of Congressional members acquiring Ethereum.
Representative Mike Collins (R-Ga.) has disclosed several trades of Ethereum in October, November, December and January.
The most recent transaction, shared by Congresstrading shows the following trades, which were disclosed this month.
- Jan. 3: $1,000 to $15,000 Ethereum purchased
- Jan. 8: $15,000 to $50,000 Ethereum purchased
Congresstrading also shared that Collins had bought Ethereum in November and December with a Dec. 11 disclosure showing two transactions valued at $1,000 to $15,000 each.
When sharing the most recent disclosure, Congresstrading highlighted a December tweet from Collins that took on JPMorgan Chase JPM CEO Jamie Dimon's criticism of cryptocurrency.
"I've always been deeply opposed to crypto, Bitcoin, etc. (Senator Warren) pointed out the only true use case for it is criminals. If I were the government I'd close it down," Dimon said in the video.
Collins, who has served in Congress since 2023, quote tweeted the video of Dimon.
"They fear a currency they can't control," Collins said.
Related Link: If You Invested $1,000 In Bitcoin When The First Bitcoin ETF Was Filed, Here’s How Much You’d Have Today
Why It's Important: Collins is not the first member of Congress to buy cryptocurrency, and likely won't be the last. The transactions from Collins come years after several members of Congress had disclosed purchases of Dogecoin DOGE/USD and Bitcoin.
Bitcoin is up 50% in the last six months and enjoyed a nice run-up in anticipation of the approval of spot Bitcoin ETFs.
Attention could turn to Ethereum ETFs as the next potential cryptocurrency investment vehicle, with the Grayscale Ethereum Trust ETHE among the interested parties in becoming a spot Ethereum ETF.
Ethereum has posted smaller gains than Bitcoin over the last full year and six months, but is currently up more on a 30-day, 7-day and 1-day basis, with optimism for potential future Ethereum ETFs.
ETH Price Action: Ethereum is up 10% in the last day trading at $2,631.19 versus a 52-week trading range of $1,323.58 to $2,665.10.
Read Next: 10 Best Stock Traders In Congress In 2023 (Spoiler: Nancy Pelosi Has Reentered The Chat)
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