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Georgia Congressman Mike Collins disclosed a cryptocurrency investment in the Ski Mask Dog (SKI) token, valued between $1,001 and $15,000, in his January 1 financial report. The SKI token surged from under $0.01 to over $0.35 following the U.S. election, reflecting increased market interest. Collins, who has a diverse crypto portfolio, complies with the STOCK Act, which mandates lawmakers to report such investments.
Representative Mike Collins of Georgia disclosed a cryptocurrency investment in Ski Mask Dog (SKI) valued between $1,001 and $15,000, made in December 2024. This follows his reelection victory, and he has previously invested in other digital assets like Ether and Velodrome. While some lawmakers push for stricter regulations on trading, Collins has not prioritized crypto in his policy agenda.
President Biden has expressed support for banning congressional stock trading, stating that members should not profit from the stock market while in office. This follows bipartisan efforts to restrict trading among lawmakers, including potential regulations on cryptocurrencies. The president's comments come amid concerns about conflicts of interest, particularly with lawmakers holding significant crypto investments.
U.S. markets reached record highs despite President-elect Trump's tariff threats, with the S&P 500 rising 0.57% and the Dow Jones up 0.28%. However, automakers like GM and Stellantis faced declines due to proposed 25% tariffs on imports from Canada and Mexico. A permanent ceasefire between Israel and Hezbollah is set to begin, while the Fed plans to gradually lower interest rates if inflation stabilizes at 2%.
China's CSI 300 index plummeted 3%, marking its steepest decline since October 9, following Texas Governor Greg Abbott's directive for state agencies to divest from investments in China. The Governor cited the Chinese Communist Party's actions as increasing financial risks, mandating a halt to new investments and urging immediate divestment of existing ones.
President-elect Donald Trump will attend the SpaceX Starship launch in Boca Chica, Texas, on November 16, 2024, alongside CEO Elon Musk and Sen. Ted Cruz. This event marks the sixth launch of the Starship, designed for reusable space travel, as Musk"s close ties with Trump grow, highlighted by his role in co-leading a new government efficiency department. SpaceX has faced scrutiny for environmental violations and noise concerns related to its launches, while the company continues to receive significant federal funding for its projects.
With Donald Trump poised to win the 2024 election, financial markets are reacting strongly. Bitcoin has reached an all-time high, while the US dollar and stock indices surged over 1%, driven by expectations of inflationary policies and a crypto-friendly regulatory environment under Trump. Treasury yields have also spiked, with the 10-year yield hitting 4.47%, reflecting market volatility and positioning ahead of potential policy shifts.
Donald Trump and Kamala Harris are vying for support in Nevada by proposing to eliminate federal taxes on tipped income, a move aimed at attracting swing state voters. However, economists warn that the proposals disproportionately benefit a small segment of low-wage workers and could lead to inequities among similar job roles. Critics also express concerns about potential loopholes that high-income earners might exploit, while labor unions favor Harris's plan, which includes raising the minimum wage and eliminating the subminimum wage for tipped workers.
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