Chair of the House Judiciary Committee, Congressman Bob Goodlatte became the first U.S. Politician who has revealed his cryptocurrency investments. Earlier this year House Ethics Committee prepared a memorandum, urging Members of the U.S. House of Representatives to disclose their virtual investments if they exceed $1,000.
According to the Financial Disclosure Statement of Congressman Goodlatte, he owns between $15,001 and $50,000 worth of Bitcoin (Bitcoin) along with Bitcoin Cash (Bitcoin.Cash) and Ethereum (ETH/USD) valued at between $1,001 and $15,000 each. As was reported his son, Robert Goodlatte also does not hide his support for a cryptocurrency exchange, Coinbase.
Let’s not forget that last month, U.S. Congressman William Patrick Huizenga brought up the matter of crypto regulation and stated that it is a priority for him. According to him the regulatory laws which are in place now are inefficient and outdated since most of them are from 1940’s.
WHY IS IT IMPORTANT?
1. Cryptocurrencies which were not considered earlier as a source of income could have been used as a method of hiding money.
2. Clearly, Congressman Goodlatte is not the only member of the house with crypto assets, it is expected more politicians will reveal their holdings. Revealing crypto possessions by politicians might invoke trust among people who voted for them.
3. This might actually help to reach a consensus on regulations and work on the benefit for long-waited crypto products.