Cryptocurrency Accountability Act
Bill: H.R.7862 | Sponsor: Rep. Slotkin, Elissa (D-MI)
Policy area: Congress

Summary:
Cryptocurrency Accountability Act
This bill requires Members of Congress to disclose their cryptocurrency holdings and related transactions that exceed $1,000, as well as those of their spouses and dependent children. The bill also imposes penalties for failing to make accurate and timely disclosures.

To amend the Ethics in Government Act of 1978 to require Members of 
  Congress to disclose financial interests in cryptocurrency, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Cryptocurrency Accountability Act''.

SEC. 2. MEMBERS OF CONGRESS; DISCLOSURE OF FINANCIAL INTERESTS IN 
              CRYPTOCURRENCY.

    Section 102 of the Ethics in Government Act of 1978 (5 U.S.C. App. 
101 et seq.) is amended by adding at the end the following:
    ``(j)(1) Any report filed under section 101 by a Member of Congress 
shall include--
            ``(A) a brief description, the date, and category of value 
        of any purchase, sale, or exchange in cryptocurrency by the 
        Member or spouse or dependent child of the Member during the 
        preceding calendar year which exceeds $1,000; and
            ``(B) the identity and category of value (expressed as a 
        dollar amount) of any interest in cryptocurrency held during 
        the preceding calendar year by the Member or spouse or 
        dependent child of the Member.
    ``(2) Not later than 45 days after receiving notification of any 
transaction required to be reported under paragraph (1)(A), a Member of 
Congress, if required to file a report under any subsection of section 
101, shall file a report of the transaction.
    ``(3) Any Member of Congress who fails to file or report, by the 
applicable deadline for such filing or reporting, any information that 
such individual is required to report with respect to crytpocurrency 
pursuant to paragraph (1) or (2) shall be assessed a fine, at the 
direction of and pursuant to regulations issued by the applicable 
supervising ethics office, in an amount equal to the greater of--
            ``(A) $500, or
            ``(B) an amount equal to 5 percent of the value (expressed 
        as a dollar amount) of the purchase, sale, or exchange or 
        interest (as the case may be) that the Member so failed to file 
        or report by such deadline.
    ``(4) Notwithstanding section 104(a), the Attorney General may 
bring a civil action in any appropriate United States district court 
against any Member of Congress who knowingly and willfully falsifies or 
who knowingly and willfully fails to file or report any information 
that such Member is required to report pursuant to paragraph (1) or (2) 
of this subsection. The court in which such action is brought shall 
assess against such Member a civil penalty in an amount equal to the 
greater of--
            ``(A) $66,000, or
            ``(B) an amount equal to 5 percent of the value (expressed 
        as a dollar amount) of the purchase, sale, or exchange or 
        interest (as the case may be) that the Member so falsified or 
        failed to file or report.
    ``(5) In this subsection, the term `cryptocurrency' means any 
digital representation of value which is recorded on a 
cryptographically secured distributed ledger or any similar 
technology.''.
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