Summary
US Congressman Shri Thanedar missed out on $120,000 in profit by selling Litecoin, Bitcoin, and Ethereum before their price surge. Congress tightens financial disclosure rules. Other politicians like Michael A. Collins and Cynthia Lummis disclosed their crypto purchases. Some politicians like Eric Adams, Madison Cawthorn, and Lauren Boebert failed to properly report their crypto holdings. Trading insider stocks while in office can result in fines.
Key Points
1. US Congressman Representative Shri Thanedar (D-Mich.) missed out on at least $120,000 by selling Litecoin (LTC), Bitcoin (BTC), and Ethereum (ETH) before their recent price surge. Thanedar missed a potential 30% return from his crypto holdings as Congress tightens financial disclosure rules.
2. A filing on Congress Trading revealed Thanedar sold $150,000 to $250,000 BTC and between $100,00 and $250,000 ETH on Feb. 5, 2024.
3. Since the Congressman sold his crypto, the prices of these three assets have increased. Following the surge in crypto prices in February, the Congressman would have been sitting on at least $330,819 in BTC, $139,156.04 in ETH, and $16,356.23 in Litecoin (LTC). These holdings would have totaled $486,331.85 compared to their $365,000 valuation when he sold.