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Congress Committee Chairman is Betting on Crypto – Reveals Investments in Annual Disclosure

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WASHINGTON - JULY 18: A sign at the entrance to a House Judiciary Committee hearing room in Washington, DC on July 18, 2017. The House of Representatives is the lower chamber of the US Congress. Source: shutterstock.com

Rep. Bob Goodlatte has become the first person in Congress to reveal his cryptocurrency holdings to the world. The chairman of the House Judiciary Committee owns digital currencies, as revealed in his annual disclosure report. His son is an angel investor in Coinbase, the largest digital asset trading platform in the US. The value of his investments could be anywhere between $17,000 and $80,000. A major portion of his investment is in Bitcoin, while a small investment is in Bitcoin Cash and Ethereum.

New Rules Make Disclosure Essential

In late June, the House Ethics Committee passed a set of rules that mandated members of Congress to disclose their digital currency ownership in their annual disclosure reports, just like other assets. According to the rules, lawmakers also have to report cryptocurrency transactions they make within 45 days, as they do with any other financial transactions. The report has to be submitted to the Clerk’s Office for the House.

Goodlatte’s report was submitted on May 10, at least a month before the June memo came into effect. He owns most of his investments in Bitcoin and some nominal amounts of Bitcoin Cash and Ethereum.

It is also worth noting that Bobby Goodlatte Jr., the Representative’s son, is an investor in Coinbase. The amount of his investment in the company, as well as the date of his investing, has not been made public to date. However, it is public knowledge that he is bullish on digital currencies.

Other Members of Congress to Follow Suit?

Several other members of Congress are expected to reveal their investments in digital currencies between now and the submission of next year’s annual financial disclosures. If not the total holdings, then at least current transactions will be available for the public during this period.

Concept of studying blockchain. Source: shutterstock.com
Concept of studying blockchain. Source: shutterstock.com

Note that Rep. Jared Polis, one of the wealthiest Congressmen and Democrats with an estimated net worth of $122 million, could reveal his investments, if he holds any. He was the co-founder of the Congressional Blockchain Caucus, a Congressional group that focuses on studying blockchain and how it could enhance government services. Goodlatte is a member of the Caucus, along with Rep. Greg Gianforte, who is the second wealthiest of the Congressmen.

Polis is also the co-chair of the Caucus, along with David Schweikert. They have introduced legislation to help the government adopt blockchain technology. In fact, it also introduced an amendment to the National Defense Authorization Act, which would have made the technology available for military uses too.

Congress Committee Chairman is Betting on Crypto – Reveals Investments in Annual Disclosure was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.