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US Members of Congress Will Need to Disclose Their (Bullish) Crypto Holdings

US Members of Congress Will Need to Disclose Their (Bullish) Crypto Holdings

Members of the US House of Representatives will have to soon disclose any cryptocurrency investments of at least $1000 USD. This means any and all members that have significant holdings will be forced to reveal their bullish assets and that they’ve joined the crytpo bandwagon.

This is due to a new memo issued by the House Ethics Committee that informs all lawmakers, officers, and employees must reveal their holdings. Lawmakers need to disclose their investments in their yearly financial disclosure forms and report any new purchase or sale of more than $1000 in cryptocurrencies no later than 45 days after the purchase is made.

“In particular, the Committee has determined that with respect to financial disclosure, cryptocurrencies will be treated as an ‘other forms of securities’ and are therefore subject to reporting both on a financial disclosure filer’s annual Financial Disclosure Statement (FD Statements or Statements) and on Periodic Transaction Reports (PTRs) throughout the year.

Due to the evolving nature of cryptocurrencies, the Committee recommends that anyone with questions about cryptocurrencies call the Committee for guidance.”

House members are no exception to regular citizens. They’re banned from earning any more than $28,050 annually from any side gigs that aren’t part of their work in their main branch of government. Cryptocurrency is no exception. They’ve been trying to rid requirements like this since 2012 when a law was passed that required the disclosures of stocks, bonds, and any other trades.

This will just add fuel to the crypto world in general. Exposure is always good.

Been in the game for 2 years but I still consider myself a rookie. There’s way too much info out there for anyone to comprehend, so I try to get only the best news on cryptoculture and new currency that’s coming out in the world of Bitcoin and cryptocurrency. I’m here to share my thoughts on what could be the answers to many of the world’s financial issues. Contact me with tips!

Disclaimer: Our authors may hold active positions in one or multiple cryptocurrencies discussed on this news portal. Opinions expressed at AWSMO are NOT investment advice and any investment in one or more cryptocurrencies may be high-risk and extremely volatile. Please due your due diligence before making any investments in any cryptocurrency. Your investments are your own risk and you assume full responsibility for your actions.

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