Although the U.S. and other Western governments have been harsh critics of Cryptocurrencies, more members of the American Congress are revealing their investment in the sector and the number is expected to increase in the coming months. Rep Tulsi Gabbard (D-HI) has become the most recent member to announce her Cryptocurrency investments. In June this year, the House Ethics Committee made it mandatory for the lawmakers in the country to reveal their virtual currency holdings. It is expected that more U.S. lawmakers will follow suit and declare their Crypto investments.
Surprise As Another Congresswoman Discloses Her Cryptocurrency Investments
If you thought there is no member of the U.S. Congress in Cryptocurrencies due to the hardline position of the American government against the new innovation you are wrong. The hypocrisy of the house has been demonstrated yet again after Rep. Tulsi Gabbard (D-HI) disclosed her investment in the sector. Gabbard has admitted investing in Ethereum and Bitcoin.
Republican’s candidate Robert Goodlatte from Virginia revealed purchasing ETH and LTC worth around $15,000 earlier this month. In the report, the politician also admitted owning Bitcoin cash, Ethereum, and Bitcoin with a combined value of almost $80K. At the time, he was considered the first member of the U.S. Congress to do so.
Who is Gabbard?
Tulsi Gabbard is not just a representative of the Democratic Party but also is also a member of the Armed Services Committee. She also sits on the House Foreign Affairs Committee. Up until 2016, she was the Vice-Chair for the Democratic National Committee. During the Democratic Party presidential primaries in 2016, she actively campaigned for Bernie Sanders.
It has been revealed that she acquired the two Cryptocurrencies in December last year when the prices of most of these coins were high. However, her financial report has disclosed that she has not yet made any profits from her investments.
The New Requirement Of The House Ethics Committee
In June this year, the House Ethics Committee made it mandatory for all members of the U.S. Congress to file any earnings made from their investments in Cryptocurrency. The memo requires all members of the Congress to report their digital asset holdings if they exceed $1,000. Each member has to give a detailed report which should be handed to the commission 45 days after investing in the sector.
Many experts are expecting more U.S. lawmakers to continue declaring their Cryptocurrency holdings. Rep Gabbard and Goodlatte are among the first ones that have chosen to comply with the new requirement and the number is expected to increase with time. All eyes are on Rep. Jared Polis (D-CO) as he is the co-founder of the Congressional Blockchain Caucus and there is a high likelihood he holds the virtual currencies. Sen. Mark Warner (D-VA) has a history of backing Cryptocurrencies and many are eagerly waiting for his report.
The use of Cryptocurrencies has been increasing steadily in America and other countries despite most governments opposing the technology. It is surprising that even senior members of governments have invested in the sector contrary to what their governments advise. Cryptocurrencies have attracted a large following as they have a lot of potential and help in reducing transaction time and costs for the benefit of users.