US Lawmakers Introduce Legislation Requiring Members of Congress to Disclose Their Crypto Holdings!

Members of Congress would be required to report any purchase, sale, or exchange of digital assets worth more than $1,000 under the Cryptocurrency Accountability Act. They would also have to report any bitcoin transactions made by their spouses or dependent children. The Attorney General may file a civil complaint against a member of Congress who willfully falsifies or fails to submit a report. Legislators would also be required to disclose the "identity and category of value of any interest in cryptocurrency held during the preceding calendar year." If MPs do not file a report within 45 days of learning about a crypto transaction, they will be fined $500 or 5% of the purchase, sell, exchange, or interest, whichever is more.