Members of US Congress Asked to Reveal Their Crypto Assets

Members of US Congress Asked to Reveal Their Crypto Assets

Very soon it will be open to all that which members of the US House of Representatives have joined the crypto world.

According to a memo issued by the US House Ethics Committee all the lawmakers, officers and employees are informed that they must disclose any and all cryptocurrency investments over $1,000.

Now Lawmakers are asked to report about any new purchase or sale of more than $1,000 in crypto within 45 after the transaction. They are also required to disclose their investments in their yearly financial disclosure report.

The Committee also strongly encouraged any member of the House who is considering participating in an ICO to contact the House before doing so.

The committee said,

“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 US House that they are also banned from earning more than $28,050 a year from any other 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.

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