US Lawmaker Wants Members of Congress to Disclose Crypto Assets

A bitcoin-friendly U.S. lawmaker is hoping to get members of Congress to disclose their holdings of cryptocurrency assets.

AccessTimeIconFeb 8, 2018 at 2:30 p.m. UTC
Updated Aug 18, 2021 at 8:09 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

A bitcoin-friendly U.S. lawmaker is hoping to get members of Congress to disclose their holdings of cryptocurrency assets.

In a written petition sent to the House Committee on Ethics dated Feb. 5, Colorado House Representative Jared Polis argued that, because cryptocurrency assets are regarded as commodities by several agencies, Congress members should follow the same financial disclosure requirement as for traditional assets.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Currently, the Commodity Futures Trading Commission and the Securities Exchange Commission both regard cryptocurrencies as commodities in the U.S. Meanwhile, the Internal Revenue Service requires that gains from cryptocurrency are also subject to federal income tax rules.

    Polis argues in the letter:

    "Members of Congress and covered employees are already required to report certain asset holdings over certain amounts, including reporting any commodities holding over $1,000, a Member or covered employee should report any virtual currency holding as they would report any other commodity, such as gold."

    The letter marks Polis' latest effort in pushing through the normalization of cryptocurrency as part of his long-term advocacy for the technology.

    As reported by CoinDesk, Polis' prominence stemmed from his earlier satirical recommendation to ban the U.S. dollar and replace it with bitcoin in 2014. He also became notable as one of the first politicians in the U.S. to accept bitcoin donations for political campaigns.

    More recently, in September 2017, he introduced a bill seeking capital gains tax exemption for holdings of cryptocurrencies worth less than $600.

    U.S. Capitol image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.