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.
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