WASHINGTON—The House of Representatives’ Ethics Committee recently released a memorandum mandating its members to disclose any cryptocurrency holdings valuing above $1,000.
The memo that was issued highlights a wide scope of disclosure instructing lawmakers to reveal possession of crypto holdings, initial coin offering (ICO) involvement, and any profit derived from mining cryptocurrencies. The Ethics Committee has deemed virtual currencies a “form of currency” despite the fact that the U.S. Commodity Futures Trading Commission (CFTC) has categorized some cryptocurrencies as commodities, particularly Bitcoin, Econo Times said.
The committee explained that their decision is “with respect to financial disclosure,” and members of the House are expected to abide by the memorandum. As such, House members and their spouses are to disclose cryptocurrencies amounting to over $1,000 filed under Assets and Unearned Income, Econo Times said.