Two US lawmakers have introduced a bipartisan bill that would require members of Congress to declare their crypto holdings.
The Cryptocurrency Accountability Act would require members of Congress to report any purchase, sale, or exchange of digital assets over $1,000. They should also report crypto transactions made by their spouses and dependent children.
Lawmakers would also be required to report “the identity and value class (expressed in dollars) of any interest in cryptocurrency held during the preceding calendar year.”
If lawmakers fail to file a report within 45 days of receiving notice of a crypto transaction, the bill would impose a fine of $500 or 5% of the value of the purchase, sale, exchange or interest, whichever is greater.
If a member of Congress deliberately falsified a report or failed to file one, the bill would allow the attorney general to file a civil suit against him. For this violation, a civil penalty of $66,000 or 5% of the value of the purchase, sale, trade or interest, whichever is greater, is established.
The bill defines cryptocurrency as “any digital representation of value that is recorded on a cryptographically secured distributed ledger or similar technology.”
Elissa Slotkin, a Democratic representative from Michigan, introduced the bill on May 20. Dusty Johnson, a Republican Representative from South Dakota, is a co-sponsor.
There could also be other federal crypto bills on the horizon. On Friday, Cynthia Lummis, a Republican senator from Wyoming, teased the rollout of new digital asset legislation she plans to unveil next week.
We’ve been teasing it for months, but the time is almost here – a proposal to fully integrate digital assets into our financial system. Excited to finally unveil this effort next week. Stay tuned ? ? ?
— Senator Cynthia Lummis (@SenLummis) June 3, 2022
Lummis is a well-known Bitcoin (BTC) and crypto advocate.
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US Lawmakers Introduce Bill To Require Members Of Congress To Disclose Crypto Holdings
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