US Representative Michael Collins' Active Participation in Crypto
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US Representative Michael Collins, a Republican from Georgia's 10th District, has garnered attention for his active engagement in the cryptocurrency markets. Collins, who has served in Congress since 2023, has disclosed multiple transactions involving digital assets such as Aerodrome Finance (AERO), The Graph (GRT), and Velodrome (VELO). These transactions highlight Collins' keen interest in the burgeoning field of digital finance.
The Congressman’s involvement with Aerodrome Finance is particularly noteworthy. On June 22, 2024, Collins bought between $1,000 and $15,000 worth of AERO tokens at a price of $0.778 per token. The following day, he sold a similar value of AERO tokens at $0.747 per token. More recently, on July 6, 2024, Collins acquired a larger stake, purchasing between $15,000 to $50,000 worth of AERO tokens at $0.637 per token.
In addition to AERO, Collins has also traded other cryptocurrencies. On June 24, 2024, he sold $1,000 to $15,000 worth of The Graph at $0.217 per token. Subsequently, on July 6, 2024, he purchased a similar value of GRT at $0.188 per token. Collins' portfolio also includes Velodrome, from which he sold between $,000 to $15,000 worth of units at $0.097 per token on June 24, 2024.
Collins' most recent transaction involving AERO on July 6, 2024, came just before a notable price increase. At the time of his purchase, AERO was trading at as low as $0.519, and by this day the price has surged nearly 50% to $0.7719.
The disclosure of Collins' trades coincides with broader regulatory developments in the cryptocurrency sector. On May 22, 2024, the U.S. House of Representatives approved the Financial Innovation and Technology for the 21st Century Act (FIT21) with a 279-136 vote. The bill aims to establish a regulatory framework for digital asset markets, positioning the Commodity Futures Trading Commission (CFTC) as the primary regulator for digital assets and non-securities spot markets. The legislation also seeks to clearly define what constitutes a security or a commodity in the crypto space.
The bill's passage in the House marks a significant milestone for the crypto industry, though its future in the Senate remains uncertain. Notably, the bill received strong bipartisan support, with 71 Democrats joining 208 Republicans in favor, while 3 Republicans and 133 Democrats opposed it.
