US Congressman Bob Goodlatte has recently revealed crypto holdings in his financial disclosure. Apart from Bitcoin, Goodlatte diversifies his investment portfolio with Bitcoin Cash and Ethereum.
A new friend in Congress
American lawmakers have always been obliged to disclose their earnings (real estate, stocks and so on). Bob Goodlatte, R-Va., who serves as the chairman of the House Judiciary Committee, becomes the first member of the lower chamber of the US Congress to reveal cryptocurrency investments. The congressional representative made his cryptocurrency holdings public after the respective guidance was issued by the House Ethics Committee (HEC) in June.
The new rules require all representatives to report any crypto investments that exceed $1,000 (the same goes for all cryptocurrency transactions over the last 45 days). As of now, it is unclear whether members of the Senate will be forced to reveal their crypto funds as well. Congressmen are allowed to hold crypto, but the recent HEC memo prohibits crypto mining while ICOs require additional clearance.
Regulations are in the pipeline
According to Goodlatte’s disclosure, he owns more than $17,000 of total crypto investments. The sum seems pretty insignificant, but the fact that a high-ranking US official lays his eye on crypto means a lot for future crypto regulations that might be beneficial for Bitcoin. CryptoComes has recently reported that another congressman Bill Huizenga is mulling over a common-sense regulatory framework for cryptocurrencies and ICOs.
Overall, the impact of the burgeoning cryptocurrency industry on US politics becomes undeniable. Just a few weeks ago, a presidential hopeful Andrew Yang made an announcement about accepting crypto donations. At the same time, the San Francisco-based exchange Coinbase launched its own PAC to find friends in Washington DC.
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Arman Shirinyan
Vladislav Sopov
Dan Burgin