Colorado House Representative Jared Polis (D), the founder of the US Congressional Blockchain Caucus, sent a petition to the House Ethics Committee earlier this week. In the petition, he argues that cryptocurrency holdings should be subject to the same financial disclosure requirements as other assets.
“Members of Congress and covered employees are already required to report certain asset holdings over certain amounts, including reporting any commodities holding over $1,000, a Member or covered employee should report any virtual currency holding as they would report any other commodity, such as gold,”
In the US, cryptocurrency assets of specific substance are already subject to regulations governing commodities, securities, and property. The Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC), and Internal Revenue Service (IRS) have already provided investors with regulatory guidance surrounding cryptocurrency assets.
The proposed disclosure requirements will ensure that US lawmakers are not trading on non-public information. The lawmaker hopes to prevent abuses seen in other parts of the world.
Just last month in South Korea, several financial regulators invested heavily in cryptocurrency and then sold prior to the government’s announcement of regulations involving cryptocurrency exchanges.
A similar financial disclosure policy revealed that several Ukrainian lawmakers held a combined $47 million worth of Bitcoin (BTC).
Polis and Arizona House Representative David Schweikert (R) introduced the Cryptocurrency Tax Fairness Act, a bill that wants to eliminate reporting requirements for cryptocurrency transactions worth less than $600. Providing some much-needed protection for US residents who don’t have significant holdings.
Bitcoin (BTC) Crosses 55k And Is Heading Towards 60k Fast!
Less than two months into 2021, the price of bitcoin has risen 95.4%.
Based in the United States and want to trade via Binance.US? Click here to sign up now!
Binance Coin (BNB) Is Heading Towards $300 With A 60% Increase Today!
Looking to buy Binance Coin (BNB)? You can trade BNB on Binance by clicking here
Based in the United States and want to buy BNB via Binance.US? Click here to sign up now!
Elon Musk Suggests Major Dogecoin Holders To Sell
Billionaire Tesla CEO Elon Musk urged some of the top hodlers of Dogecoin to sell their holdings and take profit. He said he was concerned that a small number of people are hoarding too much of the cryptocurrency.
If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.
— Elon Musk (@elonmusk) February 14, 2021
He later added that he would pay actual money for them to just void their accounts. This caused the cryptocurrency to spike initially then drop down to 4.8 cents late Sunday, a roughly 45 percent drop from the all time high of 8.7 cents reached just last week.
Interested in purchasing some of your own DOGE? Learn how to buy and trade DOGE here!