Sponsors
11 Democrat
Elissa SlotkinSenator · MI
This bill, the "Cryptocurrency Accountability Act," mandates that Members of Congress, along with their spouses and dependent children, disclose their financial interests in cryptocurrency. This includes reporting transactions over $1,000 and their total holdings annually. The legislation also establishes penalties, including fines and potential civil action by the Attorney General, for any failure to comply with these disclosure requirements.
The Cryptocurrency Accountability Act is primarily a transparency measure aimed at Members of Congress, extending existing financial disclosure obligations to include cryptocurrency assets. It treats cryptocurrency as a financial asset class that requires reporting, similar to other investments. The bill's definition of cryptocurrency is broad, encompassing any digital representation of value on a cryptographically secured distributed ledger, which is a standard and neutral definition. This legislation does not directly impact the broader crypto industry by providing regulatory clarity, promoting adoption, or imposing new burdens on crypto businesses or users. Instead, it focuses on governmental ethics and transparency by ensuring public officials disclose their crypto holdings and transactions. As such, it falls under the category of standard compliance measures for public officials rather than specific pro- or anti-crypto industry regulation.
Every member who has sponsored, cosponsored or voted on this bill. Pick a vote to see how each member voted on it, or narrow by party, name or state.
1 Democrat
1 Democrat
