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.
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.
Congressman Loses $120,000 Crypto Profit
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.
These calculations assume the Congressman bought the minimum amounts in his disclosure, which is $150,000 for BTC, $100,000 for Ethereum, and $75,000 for Litecoin. BeInCrypto has contacted Rep. Thanedar to comment on his recent sales but has not heard back at press time.
Congressional members are not prevented from investing in stocks and crypto but may not do so if there are any conflicts of interest. They must also make regular disclosures. The US Code of Ethics for public servants prohibits backhanding and engagement in financial interests that could interfere with duty.
Read more: 5 Best Web3 Stocks To Invest in 2022
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Author: David Thomas
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