On 7th August, it was revealed that Bitcoin and Ethereum have reached the shores of the United States Congress with Bob Goodlatte, chair of the House Judiciary Committee revealing his crypto holdings. In the mandatory annual financial disclosure, it was shown that Goodlatte held cryptocurrencies of value between $17000 and $80000.
This revelation comes in the wake of new cryptocurrency regulations by the United States government that makes it compulsory for members to disclose their cryptocurrency transactions. The House Ethics Committee of the U.S. added that cryptocurrency investments above $1000 will have to be publicly revealed because transparency is required. According to reports:
“The filing was made in May, ahead of new rules from the House Ethics Committee requiring members of the House to disclose their ownership of cryptocurrency in annual reports, the same way they would disclose any other asset.”
The United States Congress had earlier said that digital currencies are the “future of money”. Congress had also mentioned that cryptocurrency is seeing a surge among the public like it is the ‘new internet’. The body has also stated that all cryptocurrency transactions will be monitored and secured. With the latest report being in favor of Ethereum, Bitcoin, and cryptocurrencies in general, proponents of the digital currency are bound to take this as a positive sign.
The working bodies of the United States have a marked impact on the major cryptocurrencies with the recent decision by the US Securities and Exchange Commission [SEC] affecting Bitcoin. The SEC decided to postpone the proposed Bitcoin Exchange Traded Fund [ETF], a first among countries contemplating the inclusion of cryptocurrencies. The decision saw the cryptocurrency suffering from a 7.83% loss.
Jay Clayton, the SEC Chairman had earlier given his view on cryptocurrencies. He had stated:
“I understand that there is a great deal of discussion about those crypto assets, but again we are not going to relax our rules based on the level of discussion. We need to know that the pricing is certain. We need to know that the assets are there. We need to know it’s going to function as our retail investors would expect those products to function.”
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