A newly introduced bill seeks to force all the members of Congress to reveal their investment & holdings in crypto assets.
The last 2 years were a game-changing moment for the crypto industry. In the current situation, the crypto industry is standing as a separate alternative money market. Initially, the crypto industry was trying to make a place in the world as a modern payment system but now this situation is different, where the world is looking at this market as an alternative to the stock market but regulatory bodies are trying to drag this industry under the existing traditional rules and laws so that people can easily understand it.
Recently US lawmakers Introduced a bipartisan bill (Cryptocurrency Accountability Act). This new bill is aimed to force all the members of Congress to reveal their crypto investments more likely to stock.
However, this Act will only apply to the crypto assets buy, sell, or trade above the worth of $1,000 only. So below the purchase or deal of $1,000 worth of crypto assets will not require reporting.
Besides the buy/sell activities reporting, Act will also force the Congress members to reveal their transactions related to their relatives or family members like children or spouses.
Lawmakers would also be required to report the “identity and category of value (expressed as a dollar amount) of any interest in cryptocurrency held during the preceding calendar year.”
If any congress member fails to report his crypto-related activities, which fall under this newly introduced Act, within 45 days then in that situation he will be forced to pay a fine of $500 or 5%.
Under the Introduced Act, if any person reports his crypto activities wrongly or falsely then in that situation, the Attorney General will have the authority to file an action lawsuit against that person.
In near future, a new crypto legislation bill may be introduced by US senator Cynthia Lummis from Wyoming. She talked about this thing on Friday of last week.