Key Takeaways
- • Rep. Sheri Biggs (R-S.C.) disclosed a purchase of $100,000 to $250,000 in the iShares Bitcoin Trust ETF (IBIT) on July 9, 2025, representing a significant cryptocurrency allocation by a sitting congresswoman.
- • Biggs violated the STOCK Act by failing to disclose more than 170 trades worth between $4.14 million and $13.62 million within the required 45-day window, with some disclosures occurring weeks or months late.
- • The delayed disclosures included stock sales of major holdings (Apple, Johnson & Johnson, Microsoft, Berkshire Hathaway) executed on March 18, 2025—a date coinciding with Treasury Secretary Scott Bessent's announcement of key tariff policy details ahead of Trump's "Liberation Day" tariff implementation.
- • Many of the flagged transactions were executed by Biggs' husband or portfolio managers, though Biggs remains legally responsible for timely disclosure under the STOCK Act of 2012.
- • The violation carries a $200 late fee penalty and occurs amid heightened congressional scrutiny and legislative proposals to ban elected officials from trading individual stocks.
Summary
Rep. Sheri Biggs, a freshman Republican congresswoman from South Carolina, disclosed multiple financial transactions dating back to March 2025 in a filing submitted to the House this week, including a cryptocurrency purchase that signals growing institutional interest in digital assets among elected officials. The disclosed transactions include a purchase of between $100,000 and $250,000 worth of the iShares Bitcoin Trust ETF (IBIT) executed on July 9, 2025, highlighting cryptocurrency exposure among congressional portfolios amid ongoing market volatility and policy developments.
However, the disclosure filing itself constitutes a violation of the STOCK Act of 2012, which mandates that members of Congress disclose stock, bond, cryptocurrency, and other security trades within 45 days. According to analysis by NOTUS, Biggs disclosed more than 170 trades worth between $4.14 million and $13.62 million weeks or months after the statutory deadline. Many of these trades were executed by Biggs' husband, Bill Biggs, or portfolio managers, though congressional law places disclosure responsibility on the elected official regardless of who authorized the transactions. The STOCK Act violation carries a $200 penalty for first-time violations.
The timing of certain transactions raises additional scrutiny. Dozens of stock sales were executed on March 18, 2025, the same day Treasury Secretary Scott Bessent provided detailed information regarding President Trump's tariff policies ahead of the "Liberation Day" tariff announcement scheduled for April 2. Among the divested holdings were major equities including Apple Inc., Johnson & Johnson, Microsoft Corporation, and Berkshire Hathaway—positions typically considered core institutional holdings. Additional disclosed transactions included purchases of U.S. Treasury notes in March and May 2025.
Biggs' congressional office acknowledged a request for comment but did not provide substantive response to inquiries regarding the late disclosures. The violation occurs within a broader context of heightened legislative momentum to restrict congressional stock trading, with multiple proposals circulating to ban elected officials from buying and selling individual securities. Donald Sherman, executive director of government watchdog Citizens for Responsibility and Ethics in Washington, emphasized that constituents have legitimate grounds to question trades disclosed outside legal compliance windows, particularly given the congresswoman's 2024 campaign platform centered on "fiscal responsibility."
However, the disclosure filing itself constitutes a violation of the STOCK Act of 2012, which mandates that members of Congress disclose stock, bond, cryptocurrency, and other security trades within 45 days. According to analysis by NOTUS, Biggs disclosed more than 170 trades worth between $4.14 million and $13.62 million weeks or months after the statutory deadline. Many of these trades were executed by Biggs' husband, Bill Biggs, or portfolio managers, though congressional law places disclosure responsibility on the elected official regardless of who authorized the transactions. The STOCK Act violation carries a $200 penalty for first-time violations.
The timing of certain transactions raises additional scrutiny. Dozens of stock sales were executed on March 18, 2025, the same day Treasury Secretary Scott Bessent provided detailed information regarding President Trump's tariff policies ahead of the "Liberation Day" tariff announcement scheduled for April 2. Among the divested holdings were major equities including Apple Inc., Johnson & Johnson, Microsoft Corporation, and Berkshire Hathaway—positions typically considered core institutional holdings. Additional disclosed transactions included purchases of U.S. Treasury notes in March and May 2025.
Biggs' congressional office acknowledged a request for comment but did not provide substantive response to inquiries regarding the late disclosures. The violation occurs within a broader context of heightened legislative momentum to restrict congressional stock trading, with multiple proposals circulating to ban elected officials from buying and selling individual securities. Donald Sherman, executive director of government watchdog Citizens for Responsibility and Ethics in Washington, emphasized that constituents have legitimate grounds to question trades disclosed outside legal compliance windows, particularly given the congresswoman's 2024 campaign platform centered on "fiscal responsibility."
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