Cryptocurrency Bill: A new bill will require members of the US Congress to report their cryptocurrency investments. Members of Congress in the US will be fined $500 or more for failing to disclose their timely investments. Also, those who deliberately falsify their reports will be fined $66,000 or more. The bipartisan bill was submitted to the House of Representatives just three days before the Ethics Committee launched an investigation into Representative Madison Cawthorn’s crypto activities. Here are the details…
- 1 New cryptocurrency bill in the US targets members of Congress
- 2 Fines for those who do not report their investments
- 3 Share this:
New cryptocurrency bill in the US targets members of Congress
A new bill passing the House of Representatives will require members of the US Congress to declare the value of any purchase, sale or exchange of cryptocurrencies over $1,000. On May 20, a bill was introduced in the United States House of Representatives that would require US lawmakers to disclose their cryptocurrency holdings along with their other financial interests.
Introduced by Democrat Representative Elissa Slotkin along with Republican Representative Dusty Johnson, the “Cryptocurrency Liability Act” includes an amendment to the State Ethics Act of 1978 that requires public officials to disclose their financial and employment histories. By law, members of Congress will be required to disclose the date and value of any cryptocurrency purchase, sale or exchange in excess of $1,000, as well as disclose the size and structure of their long-term holdings.
Fines for those who do not report their investments
The bill also applies to the spouses and dependent children of the representatives. Failure to report crypto assets in a timely manner will result in a fine of either $500 or 5 percent of the asset’s value, whichever is higher. If the agent deliberately falsifies his report, the fine can be imposed up to $66,000 or an amount equal to 5 percent of the asset’s value (again, whichever is higher). Slotkin said in a Twitter post:
Americans deserve to know that their elected leaders are based on the interests of the people and are not trying to get out of their position quickly. Cryptocurrency Accountability Act will increase transparency [ve] It will help stop the corruption that erodes trust in our government.
The bill was presented just three days before the House Ethics Committee launched an investigation into Representative Madison Cawthorn, who is suspected of promoting a cryptocurrency with financial interests. AmkNews.com As we reported earlier, the token “Let’s Go Brandon” fell to zero in January after Representative Madison Cawthorn’s slogan mocking US President Joe Biden, and has not recovered since.
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