Goodlatte, who chairs the House Judiciary Committee, holds close to $80,000 in cryptocurrency. The disclosure was made in his annual financial disclosure in May 2018. The new rule of the House Ethics Committee mandate members of the house to disclose their cryptocurrency holdings the same way they disclose other assets.
Details of Disclosure
The details disclosed shows that Goodlatte Crypto Holdings valued between $17,000 and $80,000. Disclosure has primarily reported his bulk investment in bitcoin and a small portion on other alternative currencies Bitcoin Cash and ethereum.
According to June 2018 memo issued by US House, members were advised to disclose cryptocurrency sale or purchase if it exceeds $1000 in value within 45 days. Besides, they have to include the same details in annual financial disclosure. The rule is made to incorporate crypto assets on par with other financial assets.
Goodlatte reveals that he is also a member of the Congressional Blockchain Caucus. Caucus was co-founded by Jared Polis who is also a member of Congress. Jared Polis is one among the wealthiest Democrats, and his net worth is estimated to be $122 million.
Goodlatte’s Son too Crypto Crazy
There are several reports that show Bobby Goodlatte Jr., son of Goodlatte, is an angel investor. He has traded and involved in bitcoin price speculation using Coinbase platform. Coinbase is a cryptocurrency exchange and wallet provider. He has not revealed the worth of his investment yet.
Impact of the Rules on Bitcoin
Bitcoin is one of the most widely used cryptocurrency. This news on crypto disclosure would have a definite positive impact on the bitcoin value and trusts among the broader public. The public will be most likely to consider the interests of lawmakers on bitcoin more positively.
The news that many members of Congress are holding crypto as their asset is a kind of assurance to the citizen of Washington. The lawmaker’s keen interest in crypto investment will create a new positive mindset towards the US crypto regulations which will favor blitcoin soon.
Most importantly, the situation in U.S crypto market is favorable for bitcoin. However, some regulators are demanding to strengthen the regulatory measures further. This is because the U.S holds the second largest position in handling bitcoin by volume nearly 26 percent as per Cryptocompare.
According to the Commodity Futures Trading Commission treats bitcoin as a commodity. IRS is of the opinion that cryptocurrency is a property and it has should be taxed. It has also issued some guidelines for the same. Whatever it may be, the people of Washington are now going to follow the crypto trend for sure.
Anyhow, this news is going to bring some further hope for the investors of bitcoin, bitcoin cash and ethereum in the U.S.