Congress Members Ordered To Disclose Crypto Holdings Over $1000

 

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.

Related Posts

You may like these post too

south korea cryptocurrency

South Korea’s Regulation on CryptoCurrency Exchanges

Starbucks Will Soon Accept Crypto – Favors Altcoins

fsc korea crypto

South Korea Gov’t, Exchanges, and Banks Reaching Solutions

zcash zec crypto

Zcash Invests in Agoric

Almost Half of Top 50 Universities Offer Blockchain Courses With Stanford Leading The Way

Apple Updates Guidelines To Ban Cryptocurrency Mining Apps