Bob Goodlatte, A Member Of The U.S. Congress Reveals His Crypto Holdings

Congressman Bob Goodlatte has disclosed his Crypto holdings. The chair of the House Committee on the Judiciary is likely the first congressman to reveal his investments in the virtual currencies. In June, the US Office of Government Ethics (OGE) released a legal advisory requiring employees in the executive branch to reveal their holding of Cryptocurrencies. Some analysts are expecting Jared Polis to follow suit due to his actions and support for the virtual currencies.

Bob Goodlatte Declares His Cryptocurrency Holdings

Bob Goodlatte has made public his private virtual currency holdings, making him likely the first congressman to do so. Mr. Goodlatte possesses Cryptocurrencies worth between $17,000 and $80,000. According to the annual financial disclosure report that the chair of the House Committee on the Judiciary filed, he holds Ethereum (ETH), Bitcoin Cash (BCH), and Bitcoin Core (BTC).

The report filed on May 10, 2018, also revealed that the Congressman holds BTC worth between $15,001 and $50,000. He also has BCH worth around $1,001 and ETH worth around $15,000. Some analysts have not been surprised by the reports given that his son is an angel investor in Coinbase, one of the largest Crypto exchanges.

Furthermore, Mr. Goodlatte retains membership of the Congressional Blockchain Caucus. The group was founded in 2017 by Arizona Congressman David Schweikert and his Colorado counterpart Jared Polis. The group is known to support Cryptocurrencies and blockchain technology.

US Ethics Office Asks Government Officials To Disclose Their Crypto Holdings

In June, ethics officials said that it is now mandatory for those working in the executive branch to reveal their Cryptocurrency holdings. At the same time, the U.S. Office of Government Ethics (OGE) said the virtual currency is something that is held for investment and not as a real currency. Consequently, the office required workers in the executive branch to report their holdings of the digital assets as they may cause a conflict of interest.

The new directive was seen as a major move that will require those working in the White House and other federal agencies disclose their Cryptocurrency holdings. At the beginning of this year, one Congressman requested the same to be applied for federal lawmakers. The agency believes that there are many people on the government payroll that hold part of their wealth in Cryptocurrencies hence the need for disclosure.

Under the new directive, OGE indicated that the disclosure also touched other digital assets issued during initial coin offerings (ICO) or supplied using blockchain technology. Given that Cryptocurrencies and the blockchain technology sectors are still witnessing major developments, the office said that other regulatory bodies may come up with new findings and recommendations on how these new assets may be treated.

More Members Expected To Disclose Their Crypto Holdings

Although Mr. Goodlatte is the only member of the Congress who has revealed his Crypto holdings so far, more members are expected to follow suit. Several members of the Congress are known to be strong advocates of Cryptocurrencies and the distributed ledger technology and have made their stand known. Mr. Polis is one member that many analysts are expecting to reveal his holdings. This is because of his actions and great support for the virtual currencies in recent months.