US Legislators Introduce Bill to Require Disclosure of Crypto Assets by Members of Congress
Congress members will be required to disclose their cryptocurrency holdings under a bipartisan measure proposed in the US House of Representatives.
Legislators would be required to disclose any transactions involving more than $1,000 in digital assets under the Cryptocurrency Accountability Act. They would also be required to declare cryptocurrency transactions made by their wives and children.
“Identity and category of value (expressed as a dollar amount)” of any stake in cryptocurrencies owned by lawmakers during the prior calendar year would also be needed to be reported.
The measure mandates a punishment of $500 or 5% of the transaction’s value, whichever is greater if parliamentarians fail to disclose a crypto transaction within 45 days after getting knowledge of the transaction.
According to the proposed legislation, the Attorney General might pursue a civil lawsuit against a member of Congress who knowingly falsified or failed to submit a report. A civil penalty of $66,000 or 5% of the purchase, sale, exchange, or interest, whichever is greater, is imposed for this infraction.
An amendment to the law defines bitcoin as “any digital representation of value that is recorded on a distributed ledger or any equivalent technology.”
The bill was submitted on May 20th by a Michigan Democrat, Elissa Slotkin. Representative Dusty Johnson of South Dakota is a cosponsor.
There may be further federal crypto legislation in the works. Senator Cynthia Lummis of Wyoming, a Republican, teased the introduction of new digital asset legislation next week.