News

A New Bill Would Require Congress To Reveal Cryptocurrency Holdings.

A new bill in the House of Representatives would force members of Congress to record the value of every cryptocurrency buy, sale, or exchange that exceeds $1,000.

Source: Financial Times

A bill was proposed in the US House of Representatives that would require politicians to declare their cryptocurrency holdings as well as their other financial interests.

Representative Elissa Slotkin (D-MI) and Representative Dusty Johnson (R-SD) presented the “Cryptocurrency Accountability Act,” which amends the Ethics in Government Act of 1978 to require public officials to reveal their financial and job history.

Members of Congress would be forced to report the size and nature of their long-term holdings as well as the date and value of any purchase, sell, or exchange of cryptocurrencies surpassing $1,000 under the law. Their spouses and dependent children are also covered under the measure.

Failure to register crypto holdings in a timely manner will result in a fine of either $500 or 5% of the asset’s value, whichever is greater. If a Representative intentionally falsifies their report, the penalties could be up to $66,000, or 5% of the asset’s value (again, whichever is highest).

A New Bill Would Require Congress To Reveal Cryptocurrency Holdings.

Rep. Slotkin said in a Twitter post that:

“Americans deserve to know their elected leaders have the public’s best interests at heart and aren’t trying to make a quick buck off their position. My Cryptocurrency Accountability Act will improve transparency [and] help stop the corruption that erodes confidence in our government.”

The bill was presented just three days before the House Ethics Committee opened an investigation into Rep. Madison Cawthorn (R-NC), who is accused of pushing a cryptocurrency in which he may have had a financial interest. TheLet’s Go Brandon” token, named after a slogan ridiculing US President Joe Biden, sank to zero in January and has not recovered since.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News

Victor

Recent Posts

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

14 minutes ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

1 hour ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

1 hour ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

2 hours ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

2 hours ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

2 hours ago

This website uses cookies.