Georgia Senate Candidate Faces Scrutiny Over Crypto Trades
Questions have arisen about Georgia Representative Mike Collins’ cryptocurrency dealings, with some speculating he may have utilized insider knowledge to enhance his financial gains. Since taking office in 2023, Collins, a Republican Senate candidate, has engaged in cryptocurrency transactions totaling up to $745,000, boosting his net worth by an estimated $2.5 million.
Finance disclosures have pointed to the suspicious timing of some of Collins’ trades. Notably, Collins conducted significant crypto trades during the legislative deliberations over the GENIUS Act—a law establishing federal regulations for stablecoins, a type of cryptocurrency.
The introduction of the GENIUS Act was expected to impact the crypto market, paralleling a scenario in which a legislator might buy stock in a company before introducing favorable legislation. In the realm of stocks, such actions could be prosecuted as insider trading, whereas in cryptocurrency, this might be considered wire or commodities fraud.
Records show Collins purchased Ether, a cryptocurrency on the Ethereum blockchain, at $1,794 on April 30, 2025. The following day, the GENIUS Act was introduced in the Senate, and Ether’s value surged to $2,584. Notably, there was no public announcement of the bill’s introduction in advance, although the legislation was seen as beneficial to the broader crypto industry.
Collins again bought Ether on July 8, 2025, when its price was $2,616. After the GENIUS Act passed in the House nine days later, Ether’s value jumped 40% to $3,673.
The pattern continued with Collins’ investment in the meme coin Ski Mask Dog. Meme coins typically have minimal inherent value but can become profitable through celebrity endorsements or viral popularity. Critics argue that such coins often facilitate pump-and-dump schemes, where asset prices are inflated artificially to benefit the largest shareholders.
Between September 10 and November 29, 2025, Collins acquired Ski Mask Dog multiple times. On December 3, 2025, the X account Unusual Whales, which monitors atypical market activity, flagged these purchases. Collins responded to this post with an image of Pepe the Frog, a meme sometimes used to express a savvy or cool demeanor but also associated with far-right symbolism.
Following the Unusual Whales alert, Ski Mask Dog’s trade volume skyrocketed from $1,384,313 to $37,468,161, marking a 2,606% increase. Subsequently, Ski Mask Dog incorporated Collins into its promotional efforts and advocated for his presidential candidacy in 2028.
Previously, similar activity led to a $14,000 fine for North Carolina Rep. Madison Cawthorn in 2021. Cawthorn’s investment in the Let’s Go Brandon meme coin and subsequent promotion without proper disclosure violated ethical standards.
Collins has consistently denied any wrongdoing in his crypto transactions and has not faced any formal investigations or accusations of criminal activity. Meanwhile, incumbent Sen. Jon Ossoff, whom Collins will challenge in November, has prioritized combating political corruption and self-enrichment in his campaign.
A July AARP poll indicated that Ossoff holds a substantial lead over Collins, though this gap is anticipated to close as the election approaches.
