Representatives Elissa Slotkin (D-MI) and Dusty Johnson (R-SD) have introduced a bill that would require members of Congress to disclose financial interests in crypto.
The lawmakers introduced the bill on May 20, when it was referred to the Committee on House Administration as the "Cryptocurrency Accountability Act."
The bill would amend the Ethics in Government Act, a 1978 law passed in the wake of the Watergate Scandal requiring public officials to disclose their financial and employment history and the history of their immediate families. If passed, it would amend the section describing the necessary disclosures to include:
"[A] brief description, the date, and category of value of any purchase, sale, or exchange in cryptocurrency by the Member or spouse or dependent child of the Member during the preceding calendar year which exceeds $1,000."
Here, cryptocurrency is described as "any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology."
It would also require the "identity and category of value" expressed as a dollar amount of any interest in crypto. It sets a 45-day clock from notice of the purchase of the asset to the disclosure. Failing to do so could result in a small fine or civil action brought by the Attorney General if the incident is willfully hidden.