U.S. Congressman Declares up to $80,000 in Cryptocurrency

Aug 8, 2018 at 10:30 Update Date :Aug 8, 2018 at 10:30 UTC

Republican Bob Goodlatte, Chairman of the House Committee on the Judiciary, has declared that he owns about $80,000 in digital currencies. According to his annual financial report, Goodlatte primarily owned Bitcoin, with other alt-coins such as Bitcoin Cash and Ethereum, also present in substantial amounts.

In June this year, the House Committee on Ethics passed new regulations that would require House member to make annual reports on their crypto assets the same way they have to disclose their other assets. However, Goodlatte had his declaration files with the Clerk’s Office for the House on 10 May – effectively a month before the Ethics Committee’s new regulations were passed.

Goodlatte’s son is heavily involved in digital currencies as well. Bobby Goodlatte Jr. is a prime investor for the San Francisco-base crypto-exchange Coinbase. While it might be difficult to ascertain exactly when Goodlatte Jr. began investing in the company, we have certainly seen him being publicly open about the benefits of Bitcoin, and he has also been involved in the price speculations procedures.

The politician and his son are yet to provide any formal statement regarding the issue. They haven’t yet responded to any queries either regarding their involvement and investment in crypto assets.

A hearing to discuss crypto assets and digital currencies was held on 18 July by the US Agriculture House Committee. This is the committee that mainly concerns itself with mining and agricultural products. The main topic of discussion is whether virtual assets like digital currencies should be kept under commodities or if they would be better suited for some other asset classes.

On the other hand, Republican Emmanuel Cleaver has asked to government to investigate the crypto-industry, essentially due to reports regarding the involvement of cryptocurrencies in Russia’s collusion in the 2016 US Presidential Elections. Alt-coins have also long been seen and used as tools for illicit activities.

Coinbase is now keen to make a Political Action Committee in Washington to back its lobbying plans. Last month, the exchange had announced plans to form a PAC advocacy group to keep US regulators engaged.

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