US Congressman Bob Goodlatte has declared his private Cryptocurrency holdings, becoming the first member of Congress to do so.
Goodlatte, who currently serves as the chair of the House Committee on the Judiciary, has reported that he currently holds a number of cryptocurrencies, namely Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH).
Clearly, holding cryptocurrencies in itself is not at all unusual but perhaps a rarer disclosure when made by influential politicians, given the current state of regulation in the US surrounding cryptocurrencies.
The disclosure was filed in on 10 May that congressman Goodlatte owns between USD 15,001 and USD 50,000 worth of BTC, while also holding positions in BCH and ETH valued at between USD 1,001 and USD 15,000 each.
The reason for the disclosure is a result of a Congressional Blockchain Caucus legal advisory that request that all employees of the United States executive branch reveal any crypto holdings within 45 days. The advisory was not simply limited to crypto but all holdings.
Crypto clearly runs through the congressman’s family as his son Bobby Goodlatte Jr has Coinbase investments. Also, Congressman Goodlatte is a member of the Congressional Blockchain Caucus itself. The founder of the group is Jared Polis who requested guidance early this year on crypto disclosure. Analysts are expecting him to be the next politician to disclose crypto assets.
Polis argued in February that, because crypto assets are regarded as commodities by some agencies, Congress should treat them as traditional assets for disclosure purposes. He argued:
“Members of Congress and covered employees are already required to report certain asset holdings over certain amounts, including reporting any commodities holding over USD 1,000, a Member or covered employee should report any virtual currency holding as they would report any other commodity, such as gold.”
Polis is notably pro-crypto, once suggesting that the US dollar be banned and replaced with Bitcoin, and is also one of the first US politicians to accept Bitcoin campaign donations.
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