U.S. Rep. Tulsi Gabbard (D-HI) has become the second congressperson to disclose cryptocurrency investments, reporting holdings of both Ethereum and Litecoin. Virginia Republican Robert Goodlatte became the first lawmaker to disclose cryptocurrency holdings back in May.
According to a financial filing released Wednesday, the Democrat from Hawaii’s 2nd district bought between $1,001 and $15,000 of both Ethereum and Litecoin. The disclosure is required under an ethics memo the House Ethics Committee, which was issued in June.
Gabbard, who serves on the Armed Services Committee and the House Foreign Affairs Committee, purchased both cryptocurrencies on Dec. 12th 2017, according to the report, and did not receive any income from either cryptocurrency.
On June 18th, the House Ethics Committee issued a memo requiring lawmakers to reveal digital token holdings of more than $1,000. The memo required the lawmakers to list their holdings through financial disclosure reports, including the purchase or sale of any such assets surpassing $1,000 within a 45-day period.
A month earlier, in May, Rep. Goodlatte, the chair of the House Judiciary Committee, revealed holdings of between $17,000 and $80,000 dollars in Bitcoin, Ethereum, and Bitcoin Cash.
Bobby Goodlatte Jr., the congressman’s son, is an angel investor and has participated in a funding round for Coinbase. Goodlatte Jr sent a tweet earlier this month, including a thumbs-up emoji, announcing his dad’s virtual holdings.
More Disclosures Expected
Business Insider reports that more U.S. lawmakers are expected to disclose cryptocurrency holdings in response to the ethics committee’s recent memo.
Rep. Jared Polis (D-CO) is a likely candidate, since he co-founded the Congressional Blockchain Caucus, which has introduced legislation encouraging government services to adopt blockchain technology.
Sen. Mark Warner (D-VA) is another lawmaker who could report cryptocurrency holdings, as he has said he believes the cryptocurrency market could appreciate as high as $20 trillion. Warner was also an early investor in cellular phones, and he said that he sees parallels between the two industries in terms of their impact on the world.
Bloomberg reports that In the last couple of months, there have been a considerable number of politicians supporting crypto, such as Brian Forde candidate from South Carolina, who is trying to use crypto in his campaign.
The Democratic congressional candidate for California’s 45th District has dazzled marquee crypto investors, who hope he can add to the number of Washington crypto friends; and are generously contributing to his campaigns.
On the other hand, we have the categorical rejection from members of the Congress such as Bill Huizenga, who recently issued a statement that reads:
Everyone’s trying to figure out whether it’s fish or fowl. It turns out it might be a platypus. It’s kind of an unknown, or something sort of in between. How do we deal with that?
Whether or not crypto will be fully accepted in the country remains a burning question, but the bottom line is that the community in the US continues to grow.
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What’s your take on lawmakers investing in crypto assets? Should it be allowed in the current regulatory climate? Let us know in the comments section.