Rep. Mike Collins (R-Ga.) Discloses New SKI Mask Dog Coin Purchase as Meme Cryptocurrency Rallies

The trading activity of members of Congress continues to be closely followed by investors as stock purchases can come ahead of key information and potential gains.

Rep. Mike Collins (R-Ga.) bought more Ski Mask Dog coin (CRYPTO: SKI) after his last披露purchase of the meme cryptocurrency, according to a new government filing.

What Happened: Members of Congress closely follow the trading activity as stock purchases may precede key information and potential gains.

While members of Congress may not have the same alleged insider information regarding cryptocurrency, trading activity in the sector warrants close monitoring, especially when it involves a meme cryptocurrency with a market capitalization of around $225 million.

On Jan. 1, Collins disclosed that he purchased another $1,000 to $15,000 in Ski Mask Dog, adding to his earlier December disclosures that he bought $2,000 to $30,000 in the meme coin.

The transaction, which can be viewed on Benzinga's Government Trades page, occurred on Dec. 3. As a result, the Congressman purchased more of the coin on the same day that his previously disclosed purchases began hitting the news.

Collins' latest trade was again flagged as unusual by several prominent social media accounts that track congressional trading activity.

Collins previously confirmed the purchase with Decrypt and also responded to a previous Unusual Whales tweet with a meme of Pepe the Frog, a well-known image in the crypto community thanks to the meme cryptocurrency Pepe.

“I liked the coins, so I bought them,” Collins previously told Decrypt. “Washington and Wall Street have stigmatized emerging technology in the crypto ecosystem for far too long, and it’s about time that we start treating the industry with the respect it deserves.”

When asked about meme coins and whether members of Congress should disclose them for trading activity, Collins said yes.

“Meme coins should certainly be treated as any other asset, digital or otherwise.”

Check This Out:Why It's Important: Ski Mask Dog coin rallied in December after Collins' first purchase was disclosed.

The coin reached an all-time high of $0.3639 on Dec. 5 following the Congressman's first purchase disclosure. The latest trade disclosure indicates that Collins also purchased more Ski Mask Dog coin on Dec. 3, prior to the all-time highs.

Collins, who won re-election in the 2024 election, has previously disclosed buying and selling cryptocurrencies such as Ethereum (CRYPTO: ETH), Aerodrome (CRYPTO: AERO), Velodrome (CRYPTO: VELO) and The Graph (CRYPTO: GRT).

In recent disclosures, Collins' purchases of Ethereum have been larger than his purchases of the meme coin. The congressman has also disclosed selling some of the cryptocurrencies in the past, which could make the recent meme coin buy one to watch in case he later shows he sold it after the recent gains.

There have been increasing calls to ban members of Congress from purchasing stocks and options, with President Joe Biden recently backing a ban on congressional trading.

When it comes to members of Congress buying and selling cryptocurrencies, there is less support and it is less mentioned in potential legislation.

“Nobody in the Congress should be able to make money in the stock market while they’re in the Congress,” Biden said, without mentioning cryptocurrency.

Members of Congress are currently permitted to buy and sell stocks, options, cryptocurrency and make other investments, provided they are disclosed within 45 days.

Collins' trade, which occurred nearly 30 days ago and came as his past trade in the same coin may have led to the price soaring, could pique interest in extending the same ban to cryptocurrency. With pro-crypto President-elect Donald Trump set to take office later this month, more members of Congress could be looking to add cryptocurrency to their investment portfolios.

Ski Mask Dog, which began trading in 2024, is up 6% over the past day.

At the time of writing Thursday, the meme cryptocurrency trades at $0.2246, within a one-month range of $0.1472 to $0.3639.

Next: Donald Trump Jr. Touts Meme Coin After Rep. Mike Collins' Ski Mask Dog Coin Trades Hit News