The Ethics Committee of the U.S. House of Representatives has issued a memorandum requiring all House Members to disclose their cryptocurrency holdings worth over $1,000, Bloomberg reported yesterday, June 20.
The memo, dated June 18, outlines a range of disclosure requirements for lawmakers, covering crypto holdings, participation in Initial Coin Offerings (ICOs), and any income earned from cryptocurrency mining.
Noting that while the  U.S. Commodity Futures Trading Commission (CFTC) has determined some cryptocurrencies to be commodities – most notably, Bitcoin (BTC) – the Ethics Committee has nonetheless decided that “with respect to financial disclosure, cryptocurrencies will be treated as ‘other forms of securities.’” House members are therefore required to disclose their own and their spouse’s holdings of cryptocurrencies valued at over $1,000 under “Assets and Unearned Income,” and purchases, sales or exchanges of crypto valued at over $1,000 under “Transactions” in their annual Financial Disclosure Statement.
Being considered as “other forms of securities” for disclosure purposes, crypto purchases, sales and exchanges that exceed $1,000 are further subject to Periodic Transaction Report filings, which must be submitted within 45 days of the transaction, according to the memorandum.
The new memo clarifies that any payment in crypto, as well as profit derived from crypto mining, is subject to this limit, whereas crypto trading is not, as it’s considered a form of investment or unearned income.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

174 +