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Texas Republican Representative Brandon Gill is under fire for failing to report up to $500,000 in Bitcoin purchases within the federally mandated deadline. Gill, a first-term congressman, reported two large Bitcoin purchases. The first one occurred on January 29, and the second one took place on February 27, each worth between $100,001 and $250,000. However, both disclosures were filed many weeks after the STOCK Act's 45-day limit, raising worries about potential violations.
Gill's trades have received particular scrutiny because they corresponded with important crypto policy initiatives by former President Trump. This has raised concerns about potential conflicts of interest and the need for increased openness.
In May, Gill declared two more Bitcoin transactions, each submitted on time, along with investments in ETFs and money market funds. Despite the late filings, the penalty for breaking the STOCK Act is often around $200, which many opponents consider insufficient.
Gill, known for his strong support for Bitcoin, has now joined a growing list of lawmakers who have failed to meet disclosure requirements. This trend is spurring bipartisan moves to tighten limits on congressional trading of stocks and digital assets.
