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06/04 08:59

Texas Rep. Gill Under Fire for Late Disclosure of

Texas Rep. Gill Under Fire for Late Disclosure of $500,000 in Bitcoin

Rep. Brandon Gill, R-Texas, is facing scrutiny for late disclosure of up to $500,000 in Bitcoin purchases, a possible violation of federal law.

Gill, a freshman member of the House of Representatives known for his proposal to put President Donald Trump’s likeness on the $100 bill, disclosed two Bitcoin purchases, each valued between January 29 and February 27.

Both transactions were disclosed beyond the 45-day deadline set by the Stop Trading on Congressional Knowledge Act (STOCK Act), as first reported by OpenSecrets. The bill is designed to curb insider trading and financial conflicts between lawmakers.

Notably, Gill’s purchases in late January occurred shortly after Trump signed an executive order to boost U.S. leadership in the digital asset space. His purchases in late February coincided with Trump’s announcement of a “strategic Bitcoin reserve.”

At the time, Bitcoin was trading at around $102,000 and $85,000, respectively.  As of this writing, Bitcoin is trading at over $105,000, according to CoinMarketCap.

Gill reveals more Bitcoin purchases

In his disclosure, Gill also revealed two other Bitcoin purchases in May, one for $250,000 and another for $100,000, both filed on time.

In addition to cryptocurrencies, Gill also disclosed his holdings in the Invesco S&P 500 Equal Weight ETF (RSP) and TOIXX Money Market Fund, all filed on time.

Notably, the penalty for late filing under the Stock Act is typically just $200. Investment research firm Quiver Quantitative called the fine a “joke” in a June 2 X post.

“We have uncovered thousands of Stock Act violations since we started writing code to track congressional stock trades,” Quiver Quantitative added.

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

 Notably, Gill is a member of the U.S. House of Representatives’ main investigative committee, the Oversight and Government Reform Committee. He also serves on two other House committees, the Budget Committee and the Judiciary Committee.

The 31-year-old congressman has been an active supporter of cryptocurrency. “Cryptocurrency plays a vital role in today’s monetary system. It provides permissionless peer-to-peer transactions in the same form as cash transactions,” he previously wrote on X.

In addition to his Bitcoin investments, Gill is also a sponsor of legislation to promote government transparency, including the Transparency Trust Act, which requires public disclosure of information on donors to nonprofit organizations.

Gill is close to Trump’s inner circle

Gill is close to Trump’s inner circle. He is the son-in-law of conservative filmmaker Dinesh D’Souza, who was pardoned by Trump after his campaign finance conviction in 2018. Employees of D’Souza Media were among Gill’s major donors in 2024.

Trump has also faced increasing scrutiny for his personal use of cryptocurrency, with critics questioning whether his promotion of crypto projects could constitute a conflict of interest or be used for personal financial gain. 

Gill joins a growing list of lawmakers who  violated the STOCK Act this year. Several other lawmakers, including Reps. Jamie Raskin, Dwight Evans and Neal Dunn, have also filed overdue trading disclosures.

Meanwhile, a bipartisan push to ban members of Congress and their families from trading individual stocks and cryptocurrencies is gaining steam on Capitol Hill. 

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