U.S. Representative Elissa Slotkin (D-Lansing) on Thursday reintroduced the Cryptocurrency Accountability Act, which she says would tighten House and Senate ethics guidelines and require Members of Congress to disclose all cryptocurrency holdings and transactions for themselves, their spouses, and their dependent children.
According to a press release, Slotkin’s reintroduction comes as the House Agriculture Committee, on which she serves, is set to consider legislation regulating cryptocurrency exchanges. Currently, there is no statutory requirement that Members of Congress disclose their cryptocurrency assets.
“As my Agriculture Committee colleagues and I consider legislation to regulate cryptocurrency, it’s critical that we know whether Members own any of what they’re regulating,” said Slotkin. “Too often, Americans see headlines about corruption and abuse of power by elected officials – it erodes trust in our institutions and in our government at every level, and it needs to stop. This legislation will ensure that members of the body tasked with oversight of crypto also have to publicly disclose their investments.”
The full text of the Cryptocurrency Accountability Act can be found HERE.
The bill would:
• Require disclosure of any cryptocurrency holdings or transactions by Members, their spouses, or their dependents above $1,000 — in line with the current House and Senate ethics guidelines;
• Strengthen the punitive measures for late disclosures of cryptocurrency holdings or transactions from $200 to $500 or 5% of the asset that was disclosed late — whichever is greater; and
• Strengthen the punitive measures for intentionally falsifying disclosures of cryptocurrency holdings or transactions, in line with existing criminal punishments related to falsifying disclosures, to $66,000 or 5% of the asset that was falsified — whichever is greater.
