Financial disclosures reveal first crypto ownership in US Congress

August 07, 2018
Chris Wheal

Bitcoin has investors in high places as the latest US Congressional financial disclosures reveal that at least one member of the House has investments in cryptocurrencies.

Congress

New rules have made it compulsory to reveal ownership of cryptocurrency holdings

Bob Goodlatte, Republican representative for Virginia and chair of the House Judiciary Committee, owns up to $80,000 in cryptocurrency, according to his annual financial disclosure.

Crypto disclosure mandatory

In June, the House Ethics Committee made it mandatory for representatives and senators to disclose holdings of digital assets in their annual reports, the same as the requirement to disclose ownership of all other financial assets.

Under the new rules, lawmakers were also required to report cryptocurrency transactions within 45 days – identical to the period enforced upon other financial transactions.

Goodlatte’s financial disclosure showed that he held between $1,000-$15,000 in both bitcoin cash and ethereum, and between $15,000-$50,000 in bitcoin – a potential total of no more than $80,000.

Others may be revealed

While Goodlatte may be the first member of Congress to disclose holdings of crypto assets through the new rules, others may be revealed between the 45-day transaction reports and next year’s official annual disclosures.

Online political news site Sludge reports that Jared Polis, Democratic representative for Colorado and one of the richest members of Congress, was a co-founder of the Congressional Blockchain Caucus, which introduced legislation to encourage government interest in the technology that underpins crypto transactions. Goodlatte is also a member of the Blockchain Caucus.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

Related News

OL DEX is closing all activities April 25, 2020
USDT (ERC-20) Gateway Enabled April 17, 2020