The time in which people were able to trade Bitcoin and other crypto assets in Capitol Hill without anybody knowing is coming to an end. The US House members were advised, via a memo, that if they hold more than $1,000 in tokens, they have to include these investments in their annual finance reports that are made to keep transparency over the money of the congressmen.
The document, which was issued by the House of Ethics Committee, also states that any purchase over $1,000 made in the last 45 days also has to be disclosed.
Making Cryptocurrency Spending Transparent in The Government
The main reason for this change in the internal policies of the US House about cryptos is apparent: as they become more and more common, more politicians will use it. Because of this, they will have to disclose their money in cryptos, too, or this would open a hole in the system for money laundering.
This means that the public will soon learn which members of the congress are investing in cryptos lately. As Bitcoin has become mainstream last year, it would not be a surprise to see many politicians investing in cryptos.
By no means this new policy is actually that new. Lawmakers have to disclose their assets and investments in real estate for decades and since 2012 they also have to disclose their investments in bonds, stocks and derivative trades by them or by their family members.
The rise of tokens has created some doubts on how to regulate them, but the US House seems determined to treat them as any type of asset in this case, in a move to make cryptocurrency spending in the government more clear than it actually is.
In the memo, the House Ethics also addresses any side gigs tied to cryptocurrencies, as no lawmaker is able to make more than $28,050 annually for any other jobs not tied to congressional work and activities like token mining are included in this prohibition.