Members of US Congress Will Soon Have to Reveal Their Crypto Assets
We will soon find out which members of the US House of Representatives have decided to join the crypto craze.
A new memo issued by the House Ethics Committee informs all lawmakers, officers and employees that they must disclose any and all cryptocurrency investments over $1,000.
Lawmakers are required to disclose the investments in their yearly financial disclosure reports. In addition, they have to report any new purchase or sale of more than $1,000 in crypto no later than 45 days after the transaction.
“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.”
The memo reminds members of the House that they are also banned from earning more than $28,050 a year from side jobs that are not part of their work in government, which includes mining cryptocurrency.
Lawmakers have faced tougher disclosure requirements since 2012, when a law passed that forced members of Congress and their immediate families to report stocks, bonds and derivatives trades.