Congress Rules That Members Must Release Their Crypto Holdings, and At Least One Representative Has Quite A Large Stake
Congress is constantly coming with new regulations, and one of those rules is in regard to the members of Congress itself. Anyone involved has to disclose how much they hold in cryptocurrency, and the numbers are stacking up for some representatives, especially Bob Goodlatte of Virginia. The law was established in June 2018.
Rep. Goodlatte has confirmed ownership of Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH) tokens. This release of information is pretty similar to the ruling that all House members must report their other financial assets, a decision that is mirrored by Australia’s governmental regulations. Another rule change in the United States requires that any of these crypto transactions be published and recorded with the entities in charge within 45 days of any changes, which is (again) the same as their regulation with other financial transactions.
Presently, no other representatives or Senators have come forward to say that they have invested in digital currency. In fact, Rep. Goodlatte even revealed these numbers before the new laws were published, though the total amount he claims is anywhere between $17,000 and $80,000. Predominantly, his investment is in Bitcoin, while the other two currencies are secondary.
Rep. Goodlatte may have been influenced by the success of his son, Bobby Goodlatte Jr., who recently invested in Coinbase and has remained steadfast in his support of cryptocurrency. However, there is no certainty that Goodlatte Jr. advised him to get involved.
With these regulations, constituents are patiently waiting for other members to disclose their balances and activity in cryptocurrency. There are some representatives that are expected to make such statements, including Rep. Jared Polis (Colorado), Greg Gianforte (Montana), David Schweikert (Arizona), and Sen. Mark Warner (Virginia). All of these members have toted a positive outlook on either blockchain technology or cryptocurrencies in the past.
In interviews, Senator Warner has been publicly encouraging of the industry’s progress, saying:
“I think we may be on top of something that is transformational… If we have the same rate of increase the next two years that we’ve had the last couple of years, we’d be at north of $20 trillion [market capitalization] caught up in this area by 2020.”