US Congressmen to be Obliged to Report on Cryptocurrencies

A bill has been submitted to the lower house of the US Congress that proposes to oblige congressmen to disclose information about investments in digital assets.

The document, titled the Cryptocurrency Accountability Act, proposes to amend a 1978 law that requires government officials to disclose their financial history and employment, as well as the activities of their immediate family members.

The bill proposes to oblige members of Congress to disclose the dates and amounts of investments in cryptocurrencies worth more than $ 1,000. Similar information should be provided by their spouses and minor children.

There are also fines — if an official fails to submit the relevant information, he or she may receive a fine of $ 500 or 5% of the investment amount. In case of falsification of data, the fine can be up to $ 66,000 (or the same 5%).