Two US lawmakers have introduced a bipartisan bill that would require members of Congress to declare their crypto holdings.
The Cryptocurrency Accountability Act would make it mandatory for members of Congress to report any purchase, sale or exchange of digital assets that exceeds $1,000. They would also have to report crypto transactions made by their spouses and dependent children.
Lawmakers would also be required to report “identity and category of value (expressed as a dollar amount) of any interest in cryptocurrency held during the preceding calendar year.”
If lawmakers fail to file a report within 45 days of receiving notice of a crypto transaction, the bill would mandate a fine of $500 or 5% of the value of the purchase, sale, exchange or interest, whichever amount is higher.
If a member of Congress were to willfully falsify a report or fail to file one, the bill would enable the Attorney General to bring a civil action against them. For that transgression, a civil penalty of...
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