The US representative for Texas’s 26th congressional district and Trump ally, Brandon Gill, revealed that he has expanded his investment portfolio by including $300,000 in Bitcoin and shares of the largest Bitcoin exchange-traded fund. This is according to his most recent transaction report, filed on November 18, with the Clerk of the House of Representatives.
This follows a 27% plunge in Bitcoin from a record high above $126k last month. The purchase comes amid heightened volatility and renewed investor interest in digital assets despite the sharp decline.
Gill, a former investment banker and close ally of President Donald Trump, bought between $100,000 and $250,000 in Bitcoin on October 20, and nine days later acquired $15,001 to $50,000 in BlackRock’s iShares Bitcoin Trust ETF (IBIT). Periodic House transaction disclosures report investment ranges rather than exact amounts.
Meanwhile, reports from the House showed a diverse range of investments in figures rather than a specific amount.
Gill’s cryptocurrency disclosures ignite discussions
As a first-term lawmaker serving on the House Budget Committee, Gill has actively engaged with the Bitcoin world, making significant investments in the ecosystem since assuming his role in January.
The representative’s overall holding in BTC totaled roughly $2.6 million, based on House transaction reports. The data also outlined that Gill invested up to $150,000 in IBIT this year.
When reporters contacted Gill’s office for further comments on the matter, they declined to respond. According to reports from CoinMarketCap, Bitcoin is currently trading at $91,600.74, reflecting a 1.87% increase in the last 24 hours.
Meanwhile, BlackRock’s IBIT oversees over $74 billion in assets. This amount is more than three times larger than the next largest spot Bitcoin fund, according to CoinGlass.
Gill’s cryptocurrency disclosures revealed that the representative purchased up to $1.5 million in Bitcoin through three separate transactions over three weeks starting in late June. This move involved an investment of up to $1 million on June 20. Additionally, he received $850,000 in BTC in four separate transactions that commenced in late January.
This purchase spree has drawn scrutiny. The government transparency group OpenSecrets raised concerns about Gill’s purchases. They declared that the representative failed to properly report up to $500,000 of his previous Bitcoin purchases. The law required him to report within the 45-day timeframe set by federal law.
According to sources close to the situation, Gill reported a purchase of between $100,001 and $250,000 in the digital asset on January 29 and February 27, only to disclose these trades on June 2. At this time, the deadline set by the Stop Trading on Congressional Knowledge (STOCK) Act had already expired.
Approved in 2012, the STOCK Act aims to eliminate insider trading and ensure lawmakers are accountable by mandating them to report their stock trades promptly and regularly, including those related to digital assets.
Despite these efforts in place, sources have still raised concerns about how lawbreakers are fined. Based on the argument, the $200 fine they received is a relatively small amount, and congressional ethics committees frequently overlook this fine, highlighting the need to establish tougher measures in this sector.
Rep. Gill proves to be a strong Bitcoin supporter
Reports indicate that Gill is a strong proponent of cryptocurrencies, and his trade in January occurred days after Trump signed an executive order to loosen regulations on digital assets.
For the February purchase, the sources highlighted that it occurred just ahead of Trump’s announcement of his strategic Bitcoin reserve program on March 6. In May, Gill made two more Bitcoin purchases, which he reported on time.
His move led analysts to research and discover that US representatives for congressional districts embrace the cryptocurrency world. To support this claim, they mentioned that Georgia’s state representative, Marjorie Taylor, bought approximately $60,000 in IBIT this year, as reported by the House.
Additionally, representative Guy Reschenthaler, who has represented Pennsylvania’s 14th congressional district, sold his Bitcoin, XRP, and Solana holdings earlier in the year. Gill also invests in the Invesco QQQ Trust ETF, a technology-focused ETF closely following the Nasdaq
David Meyers, who is the director of communications and marketing at OpenSecrets, shared an email stating that “crypto transactions are just as ethical—or unethical—as stock transactions.”
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Source: https://www.cryptopolitan.com/gill-adds-300k-in-crypto-as-bitcoin-dips/