The Congressman lost $120,000 in Crypto doing so.

US Congressman Representative Shree Thanedar (D-Mich.) missed out on at least $120,000 by selling Litecoin (LTC), Bitcoin (BTC) and Ethereum (ETH) before their recent price spike. Thanedar missed out on a 30% return on his crypto holdings as Congress tightened financial disclosure rules.

A filing with Congress Trading shows Thanedar sold between 150,000 and 250,000 BTC and between $100,00 and $250,000 ETH on February 5, 2024.

Congressman lost $120,000 in crypto profits

The congressman has increased the value of these three assets by selling his crypto. Congressman was sitting on at least $330,819 in BTC, $139,156.04 in ETH, and $16,356.23 in Litecoin (LTC) following the crypto price surge in February. These holdings fetched $486,331.85 compared to a $365,000 value when sold.

According to these calculations, the congressman bought the minimum amount in the statement, which is $ 150,000 for BTC, $ 100,000 for Ethereum and $ 75,000 for Litecoin. BeinCrypto reached out to a representative of Thanedar for comment on the latest sales, but he did not hear back at press time.

Members of Congress are not prohibited from investing in stocks and crypto, but cannot do so if there are conflicts of interest. They also have to make regular disclosures. The U.S. Public Servant Code of Conduct prohibits favoritism and involvement in financial interests.

Read more: 5 Best Web3 Stocks to Invest in 2022

“Employees shall not hold financial benefits that conflict with the conscientious performance of their duties. Employees shall not be permitted to make financial transactions using non-public government information or misuse such information to secure any personal gain,” states the 14 General Principles of Conduct.

In other recent crypto purchases, Congressman Michael A. Collins announced the purchase of ETH between $15,001 and $50,000 in January. Last December, he bought between 1,001 and 15,001 ETH in four separate transactions.

Sen. Cynthia Lummis (R-Wyo.), who is believed to be pro-crypto, announced that on August 16, 2021, she made a $50,001 to $100,000 purchase of Bitcoin. Congresswoman Alexandria Ocasio-Cortex says she won't buy bitcoin in 2021 She did her job responsibly.

Politicians who did not report Crypto Holdings

New York Mayor Eric Adams They did not declare the assets in the crypto wallet to the Conflict of Interest Board in 2021. Adams pledged to accept the first three paychecks in Bitcoin after Miami Mayor Francis Suarez said he would do the same. Adams staff said they misunderstood the question on the disclosure form and promised to correct the mistake.

In the year In 2022, Business Insider reported that North Carolina Republican Madison Cawthorne said “let's go Brandon” for not properly reporting an investment in anti-Joe Biden cryptocurrency. In December 2021, it was delayed by two purchases of up to $265,000 in Ethereum. Colorado Republican Lauren Bobert allegedly did not disclose her husband's investments in crypto, stocks and brokerage funds worth between $5,000 and $80,000.

Read more: Crypto vs. Stocks: Where to invest your money in 2023

They found that politicians could be fined $1,000 for insider trading stocks while in office. If they do not dispose of their possession within 30 days, they must pay $1,000 plus 10% of what they traded in violation of the law.

This is notably less than the fine imposed on Isan Wahi, the former CEO of crypto exchange Coinbase. Wahi shared the details of various tokens with a sibling. Both were sentenced to prison terms for their crimes.