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Texas Rep. Brandon Gill’s $500K Bitcoin buys spark STOCK Act scrutiny

Texas Rep. Brandon Gill’s $500K Bitcoin buys spark STOCK Act scrutiny

Texas Republican Representative Brandon Gill is facing scrutiny after filing late disclosures for up to $500,000 in Bitcoin purchases, potentially violating federal law.

Gill, a first-term House member known for his bill proposing President Donald Trump’s face on the $100 bill, has reported two Bitcoin (BTC) purchases, each valued between $100,001 and $250,000, made on Jan. 29 and Feb. 27.

Both trades were disclosed weeks past the 45-day deadline required by the Stop Trading on Congressional Knowledge (STOCK) Act, a law aimed at curbing insider trading and financial conflicts among lawmakers, as first reported by OpenSecrets.

Notably, Gill’s late January purchase occurred shortly after Trump signed an executive order promoting US leadership in digital assets. His late February buy came just ahead of Trump’s announcement of a “strategic Bitcoin reserve.”

Gill’s Bitcoin purchase disclosures. Source: House

Bitcoin traded around $102,000 and $85,000, respectively, on those dates. At the time of writing, Bitcoin traded above $105,000, according to data from CoinMarketCap.

Related: US Congress introduces the CLARITY Act for digital assets

Gill discloses more Bitcoin purchases

In the disclosure, Gill also revealed two additional Bitcoin purchases from May, one for up to $250,000 and another for up to $100,000, both filed on time.

Beyond crypto, Gill also disclosed positions in the Invesco S&P 500 Equal Weight ETF (RSP) and holdings in the TOIXX money market fund, all filed on time.

Notably, the fine for late STOCK Act filings is typically just $200. In a June 2 post on X, investment research firm Quiver Quantitative called the penalty a “joke.”

“We have seen thousands of STOCK Act violations since we started writing code to track congressional stock trading,” Quiver Quantitative added.

Source: Quiver Quantitative

Cointelegraph was unable to contact Gill’s office for comment.

Notably, Gill serves on the Committee on Oversight and Government Reform, which is the main investigative committee of the US House of Representatives. He also serves on two other House committees, Budget and Judiciary.

The 31-year-old congressman has been a vocal crypto supporter. “Cryptocurrency plays a vital role in today’s monetary system. It offers permission-less peer-to-peer transactions in the same form as cash transactions,” he previously wrote on X.

In addition to his Bitcoin activity, Gill is the sponsor of legislation promoting government transparency, including…

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