Is the US Congress acknowledging Ethereum and other cryptocurrencies?

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August 8, 2018 by
Is the US Congress acknowledging Ethereum and other cryptocurrencies?

Ethereum (ETH) is seemingly getting accepted in the United States Congress, as Bob Goodlatte- the Chair of the House Judiciary Committee owning cyptocurrencies have come to the light. The original news came through Sludge on 6th August.

Goodlatte’s Ethereum possession

Goodlatte is reportedly the first member of Congress to disclose his cryptocurency possessions. His annual financial disclosure showed that he owns between $17,000 and $80,000 in cryptocurrency. His financial disclosure showed that the Congressman owns Bitcoin majorly, with nominal amounts in Bitcoin Cash and Ethereum. The filing of his finances was done in May, prior to the imposition of new rules from the House Ethics Committee.

Even Goodlatte’s son, Bobby Goodlatte Jr., who is an angel investor in the major crypto exchange Coinbase, is reportedly a significant Bitcoin investor.

SEE ALSO: Bitcoin and Ethereum can be donations for Andrew Yang in US Presidential elections

The new rule

According to a June 18 memo issued by the House Ethics Committee, members of the House asked to divulge the ownership of cryptocurrency, like any other financial transactions in their individual annual report, along with their other assets. The members are required to report not only their crypto transactions but also the ones of their spouses, within 45 days since they transact if it is the transaction cost is more than $1,000.

Embracing cryptocurrencies

With Goodlatte divulging his crypto possessions, other names are coming to the fore. Probable names of other congressmen like Rep. Jared Polis and Mark Warner have been listed.

Senator Mark Warner, who earned name as a crypto-bull, previously said: “I was an early investor in cell phones back in the ’80s, and I believe blockchain has the potential to be just as transformational as cell phones. As our government begins to look at crypto, I don’t think you can separate cryptocurrencies from the technology they’re based on.”

SEE ALSO: Nearly 4mn Bitcoins left to mine, what’ll be the value of last BTC? – John McAfee asks

Even Andrew Yang, a US Democrat has extended the forms of his election donations to BitcoinEthereum and other cryptocurrencies for the forthcoming 2020 US presidential elections. And, this is not the first time that cryptocurrencies have been used as a form of donation in elections.

With the rise in the number of members of the United States Congress showing interest and investing in cryptocurrencies, it might be assumed that eventually the US government will also understand cryptocurrencies, embrace and implement them in a wide range of fields.

shekar

A mechanical engineer turned journalist, Shekar takes a keen interest in the study and analysis of cryptocurrencies and blockchain strategy. With the cryptocurrency world blooming in the recent days, he finds great interest in monitoring their growth and gathering every possible piece of information about them. He works as a crypto-journalist for the website Coineset.

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