U.S. Politicians to Reveal Crypto Assets
Main page News, US, Cryptocurrency
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21 June

Members of the U.S. House of Representatives will now have to disclose their crypto investments if they exceed $1,000. That's according to a memorandum prepared by House Ethics Committee.

“The purpose of this memorandum is to provide guidance on these ethics issues based on our current understanding of cryptocurrencies. In particular, the Committee has determined that with respect to financial disclosure, cryptocurrencies will be treated as an "other forms of securities" and are therefore subject to reporting both on a financial disclosure filer's annual Financial Disclosure Statement (FD Statements or Statements) and on Periodic Transaction Rep011s (PTRs) throughout the year,” the document said.

All representatives of Congress currently obligated to disclose their personal assets such as real estate and investments in fiat. Also from 2012 onwards, house members and their families should also report data on any shares, bonds and derivatives and now the electronic assets are set to join the list.

This memorandum was mainly set up to prevent any future conflict of interest as the official status of cryptocurrencies has not yet been determined by the U.S. lawmakers.

The document also covers issue surrounding the initial coin offerings (ICO). According to it, "any House Member, officer, or employee who is involved in the ICO is strongly encouraged to contact the Committee for guidance before doing so." The memorandum is also accompanied by a FAQ section, outlining several scenarios where a full disclosure has to take place.

By Ekaterina Ulyanova

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