New bill would compel Congress to reveal its crypto holdings
It was just three days before Rep. Madison Cawthorn’s crypto activities were investigated by the Ethics Committee that the bipartisan measure was introduced to the House of Representatives.
The House of Representatives is now considering a new measure that would force members of Congress to disclose the value of every cryptocurrency buy, trade, or exchange exceeding $1,000.
On May 20, a measure was proposed in the House of Representatives in the United States that would require US legislators to declare their bitcoin holdings and other financial interests.
Representative Elissa Slotkin and Representative Dusty Johnson presented the “Cryptocurrency Accountability Act,” which amends the Ethics in Government Act of 1978 to compel public officials to reveal their financial and job histories.
Any buy, sell or exchange of cryptocurrencies over $1,000 that members of Congress make would be subject to disclosure under the new legislation, and they would be forced to detail the date and amount of the transaction. Their wives and children are also covered under the measure.
A fee of $500 or 5% of the asset’s worth would be imposed on anybody who fails to register their crypto holdings on time (whichever is highest). A punishment of $66,000 or 5% of the asset’s worth may be imposed on a Representative who intentionally falsified their report (again, whichever is highest).
At the end of his tweet, Rep. Slotkin added, “Americans need to know their elected representatives have the public’s best interests at heart and aren’t attempting to make a fast buck from their position.” Using my Cryptocurrency Accountability Act, we can restore public trust in our government by increasing openness and discouraging corruption.
Representative Madison Cawthorn (R-NC), under investigation by the House Committee on Ethics for a possible financial interest in the promotion of a cryptocurrency, was just three days before the introduction of the measure. Let’s Go Brandon, the token’s name taken from a joke about US Vice President Joe Biden, sank to zero in January and has not recovered.