Cryptocurrency Accountability Act

Bill: 118-hr-5050
Sponsor: full_name: Rep. Slotkin, Elissa [D-MI-7]
Introduced: 2023-07-27
Policy area: Congress
Latest action: action_date: 2023-07-27
text: Referred to the House Committee on House Administration.

Summaries:

tv_txt: I 118th CONGRESS 1st Session H. R. 5050 IN THE HOUSE OF REPRESENTATIVES July 27, 2023 Ms. Slotkin introduced the following bill; which was referred to the Committee on House Administration A BILL To amend title 5, United States Code, 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 13104 of title 5, United States Code, is amended by adding at the end the following: (j) (1) Any report filed under section 13103 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 13103, 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 13106(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. .