Cryptocurrency Accountability Act

Bill: 117-hr-7862
Sponsor: full_name: Rep. Slotkin, Elissa [D-MI-8]
Introduced: 2022-05-20
Policy area: Congress
Latest action: action_date: 2022-05-20
text: Referred to the House Committee on House Administration.

Summaries:
action_date: 2022-05-20
action_desc: Introduced in House
text: <p><b>Cryptocurrency Accountability Act</b></p> <p>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.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7862 IN THE HOUSE OF REPRESENTATIVES May 20, 2022 Ms. Slotkin (for herself and Mr. Johnson of South Dakota ) introduced the following bill; which was referred to the Committee on House Administration A BILL To amend the Ethics in Government Act of 1978 to require Members of Congress to disclose financial interests in cryptocurrency, and for other purposes.

1. Short title This Act may be cited as the Cryptocurrency Accountability Act . 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. .