It seems the average crypto investor isn’t the only one feeling the wrath of regulatory mandates, US Congressional members now must disclose all cryptocurrency purchases or sales that exceed $1,000.
The House Ethics Committee sent a memo informing US Congress members on June 18th that any crypto activity exceeding the $1,000 threshold must be reported within 45 days. This information will be public so it’ll now be interesting to see which members are interested in crypto and involved in trading. Many see the new ruling as a way to protect against future conflicts of interest, as when voting occurs on any bill that may affect the way cryptocurrency is officially seen by federal regulatory bodies.
The memo from the House Ethics committee also included guidelines on earning side income from cryptocurrencies. Members of Congress are limited to earning $28,050 apart from their work for the House of Congress, this includes any incomes earned from crypto mining.
This ruling isn’t anything new as law makers have been required to disclose investment earnings and assets like real estate, stocks, bonds, and derivatives for decades. The new ruling is just a sign of the times as the growth of cryptocurrency and digital investments is making it’s way into mainstream society bringing the uncertainty of how to regulate them as well.