US Congressman Mike Collins has gone from altcoins to memecoins by investing up to $30,000 in Ski Mask Dog (SKI), which rocketed 116% in price after he acknowledged the purchase on X.

Mike Collins published his Periodic Transaction Report on Monday, revealing he made two purchases with the masked dog memecoin on December 1 and December 2. It’s unclear how much he bought but each purchase was between $1 and $15,000. 

The Unusual Whales X account reported on his purchases yesterday. The Republican representative then responded to its post with a picture of Pepe the Frog wearing shades. The price of SKI subsequently rose 116% over 24 hours, reaching a price of $0.2281. 

Read more: US congressman Mike Collins loves day trading altcoins, report

Collins also bought up to $15,000 of the altcoin Aerodrome (AERO). The US Congressman previously bought up to $50,000 worth of AERO on July 6 before selling and buying AERO again on August 5.

Aerodrome, however, saw very little in price change; it has decreased 0.5% in the last 24 hours, reaching a price of $1.63.

Collins has also bought the altcoin Velodrome and made two ether purchases totaling $65,000 earlier this year. 

Under the STOCK Act, Members of Congress must report investment purchases, sales, or exchanges over $1,000.

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US congressman Mike Collins has reportedly been making ‘pretty wild day trades,’ according to crypto analytical firm Quiver Quantitative.

In an X (formerly Twitter) post on Monday, Quiver claimed that Collins bought up to $50,000 of an altcoin called Aerodrome on July 6. Then, on August 4, he sold the coins before rebuying them on August 5.

“Pretty wild trading from a member of Congress,” Quiver noted.  

Read more: No, California is not adopting bitcoin

According to Quiver, Collins also bought up to $15,000 worth of a coin called Velodrome in May and sold up to $15,000 of The Graph, Aerodrome, and Velodrome between June 23 and June 24.  

He also reported two ether trades totaling $65,000 in early 2024 and has reported ether trades of $110,000 since 2023. 

Members of Congress can reportedly buy, sell, and trade stocks and other investments despite working on laws that may offer a potential conflict of interest with their chosen investments.

Under the STOCK Act, members are required to report investment purchases, sales, or exchanges over $1,000.

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US Republican representative Lauren Boebert neglected to file transaction reports for eight cryptocurrency trades made last year by her husband, according to her annual financial statement.

The trades, ranging in value from $1,000 to $15,000 and involving an unknown crypto, were made by Jayson Boebert last May using the Robinhood app.

However, despite the US House of Representatives requiring trades like these to be reported within 45 days under the Stop Trading on Congressional Knowledge Act of 2012 (STOCK), Boebert failed to do so.

According to Kedric Payne, vice president of the Campaign Legal Center, Boebert’s failure to report the trades is “disturbing.”

“There’s a huge red flag that all these assets were obtained in one year, but no reporting on it,” said Payne (via The Colorado Sun). “And it’s not even reported accurately in that annual report. Those things should be transactions, not just listings of assets.”

Members of Congress who fail to file within 45 days could be subject to a $200 fine but, as detailed by Business Insider earlier this year, this punishment is often waived by the House Ethics Committee.

Read more: US government adopts strict crypto ethics rules for employees

Congress considering all-out trading ban for US politicians

Congress is currently mulling a number of measures that would ban many US politicians from trading stocks altogether.

Calls for stricter measures grew louder after it was revealed that 71 members of Congress failed to adhere to STOCK Act laws, with excuses ranging from ignorance of the law to clerical foul-ups and accounting snafus.

Lauren Boebert also failed to disclose any crypto, stock, or brokerage assets in her 2020 personal financial filing. This caused her problems when it was revealed that her husband had been paid nearly $1 million for consulting work for an oil and gas company in Colorado. 

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