A new bill in the House of Representatives would force members of Congress to record the value of every cryptocurrency buy, sale, or exchange that exceeds $1,000.
A bill was proposed in the US House of Representatives that would require politicians to declare their cryptocurrency holdings as well as their other financial interests.
Representative Elissa Slotkin (D-MI) and Representative Dusty Johnson (R-SD) presented the “Cryptocurrency Accountability Act,” which amends the Ethics in Government Act of 1978 to require public officials to reveal their financial and job history.
Members of Congress would be forced to report the size and nature of their long-term holdings as well as the date and value of any purchase, sell, or exchange of cryptocurrencies surpassing $1,000 under the law. Their spouses and dependent children are also covered under the measure.
Failure to register crypto holdings in a timely manner will result in a fine of either $500 or 5% of the asset’s value, whichever is greater. If a Representative intentionally falsifies their report, the penalties could be up to $66,000, or 5% of the asset’s value (again, whichever is highest).
Rep. Slotkin said in a Twitter post that:
“Americans deserve to know their elected leaders have the public’s best interests at heart and aren’t trying to make a quick buck off their position. My Cryptocurrency Accountability Act will improve transparency [and] help stop the corruption that erodes confidence in our government.”
The bill was presented just three days before the House Ethics Committee opened an investigation into Rep. Madison Cawthorn (R-NC), who is accused of pushing a cryptocurrency in which he may have had a financial interest. The “Let’s Go Brandon” token, named after a slogan ridiculing US President Joe Biden, sank to zero in January and has not recovered since.
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