The “Cryptocurrency Accountability Act,” which is introduced by Representative Elissa Sloktin along with Representative Dusty Johnson is actually an amendment of the Ethics in Government Act of 1978 which instructs the public officials to disclose their financial and employment history in regards with cryptocurrency.
The Law asks the members of congress to describe any kind of transaction that they take part in dealing with crypto currencies. The date, the value of the currency, the purchase rate, the sale rate, each and every detail about the transaction has to be disclosed by the members of the congress. The value of the trade should be at least $1000 or more than that. They are also required to disclose the nature and the time duration of such type of holdings. Interestingly, to avoid mal practices from the members of congress and to avoid complexities, the bill has also been made entitled to the family of the members of congress.
What happens when some one from congress fails to report the proceedings? Let’s find out!
After the bill has come into force, the members of congress do not have any option but to oblige and abide by it. When some one from congress fails to file the proceedings with in 45 days of the trade of the cryptocurrency, then the concerned person is fined with either $500 or with 5% of the value of purchase, sale, exchange or interest, which ever is higher.
If the concerned person tries to do a malpractice by not filing the file and tries to disobey the bill willfully, then the bill has a provision which enables the Attorney in General to bring civil action against them. For such a dereliction, a civil penalty of $66,000 or 5% of the value of purchase, sale, exchange, interest whichever is more, is fined.
A possibility of other federal bills.
Since the emergence of this bill, there have been a lot of talks about other federal bills regarding cryptocurrency going around in the market. A Republican Senator, Cynthia Lummis also went ahead and made a tweet hinting about a new bill, a digital asset legislation, which she plans to divulge next week. Let’s take a look at her tweet:
The bill promises to bring in a lot of accountability and discipline in the members of the congress who deal in cryptocurrency. According to me, this is the need of the hour for the crypto market, because, when the officials at higher position are governed and are made accountable for their actions, the investors or people who are not higher in ranks feel more accountable and responsible for their actions and there is a solid chance of them refraining from committing crypto related crimes.