A bipartisan bill has been proposed by two lawmakers that would make it a requirement that members of Congress disclose their crypto holdings.

The Infrastructure Bill Shows Crypto Has Arrived for Congress - CoinDesk — **Image Source**

The Cryptocurrency Accountability Act would make it mandatory for all members of Congress to report their crypto assets whether this is any purchase, any sale, or any exchange that exceeds $1,000. Crypto transitions made by spouses and dependent children must also be reported by members of Congress.

The “identity and category of value (expressed as a dollar amount) of any interest in cryptocurrency held during the preceding calendar year.” must also be reported. If members fail to file a report within a month and a half of receiving notice of a crypto transaction, the bill would mandate a fine of $500 or 5% of the value of said purchase, sale, exchange, or interest. Of course, it will be whichever amount is higher.

Falsifying reports or failure to file will lead to the Attorney General to raise a civil action against that. A civil penalty of $66,000 or 5% of the value of purchase, sale, exchange, or interest will be administered. Once again, whichever amount is higher.

Cryptocurrencies mentioned within the bill are identified as “any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology.”

A Representative from Michigan, Elissa Slotkin, was the first to introduce the legislation on May 20th along with co-sponsor Dusty Johnson of South Dakota.

This gives insight into the future action either against or for digital assets in the United States path of regulation.

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