American politicians discuss the disclosure of cryptocurrency by lawmakers

nThe runaway commentary: Some U.S. political groups recently said that politicians involved in cryptocurrency legislation should disclose their holdings of cryptocurrencies. Two MPs active in the cryptocurrency space have shown that they do not have cryptocurrency assets and are in favor of the requirement that MPs should not really hold cryptocurrencies as a way to avoid conflicts of interest in the decision-making process and to provide transparency to the public Neededn
nTranslation: Inan
Political Ethics and Government Transparency groups want politicians to disclose their digital currency holdingsn
Over the past few months, U.S. regulators and some lawmakers have been researching and drafting regulatory guidelines for digital assets such as Bitcoin. Last year, Colorado’s Democrat Jared Polis and Arizona Republican David Schweikert formed the “Congressional Blockchain Core Group.” The core group was set up to help the government make regulatory policies that target cryptocurrencies and blockchain networks. Both Schweikert and Polis have enacted the Encryption Currency Tax Fairness Act, while other U.S. lawmakers are drafting laws and regulations on digital assets.n
According to a recent report, the support of these politicians for cryptocurrencies made some politically transparent members worried. These organizations include “Sunlight Foundation” and “Office of Government Ethics.”n
Alex Howard, deputy director of the Sunlight Foundation, explained in an interview:n
n”Whether MPs hold bitcoin can help us understand where their interests are.”n
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Legislators who support bitcoin and blockchain decisions not to hold cryptocurrencies to avoid conflicts of interestn
We have recently reported that Representative Diane Feinstein of California drafted a law requiring U.S. citizens to disclose their cryptocurrency assets. In addition, at a recent judicial hearing, Feinstein explained that the act would criminalize the intention to hide information about holding or controlling digital currency accounts.n
Polis and Schweikert office staff gave detailed instructions that neither of these MPs hold bitcoin or other digital assets. Ashley Sylvester, a member of the congressional group at Schweikert, explains that lawmakers “did this” deliberately to avoid conflicts of interest in regulatory decisions. The United States “2012 Equity Act” requires politicians to disclose their own assets such as stocks and bonds, Louise Slaughter advocate of the act that these assets should also include bitcoins and other currencies.n
Slaughter stressed: “This provision of the stock act allows the public to believe that MPs do not profit from their offices.”n
n”No one can bypass the law, including those who invest in digital currency.”n
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Disclosure of Foreign Exchange Speculation and Development of Transparent Currency Transparency Rulesn
Democrat Jared Polis said he plans to discuss new regulatory guidelines with the Securities and Exchange Commission to make sure politicians and staff will disclose their holdings of cryptocurrencies.n
Polis explains: “Members of Congress absolutely need to disclose their bitcoin holdings to avoid any conflict of interest – the public needs such transparency.”n
Jim Harper, a senior executive at the Competitive Enterprise Institute, believes the situation may be different if Bitcoin is operated as a single currency rather than as a speculative commodity. “If bitcoin is just a currency, then the holder does not need to report it, but the IRS treats the virtual currency as taxable, then the principle of transparency requires people to disclose their holdings.” The vice president of the group, too, said: The ethics committee should classify digital currencies as foreign speculative, especially when it comes to members of foreign affairs agencies that deal with various currency legislation.n

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