U.S. Rep. Elissa Slotkin (D-Holly) has introduced the bipartisan Cryptocurrency Accountability Act, which would tighten House and Senate ethics guidelines and require members of Congress to disclose all cryptocurrency holdings and transactions for themselves, their spouses, and their dependent children. U.S. Rep. Dusty Johnson (S.D.- at-large) is the bill’s original co-lead.
Slotkin is also co-sponsoring the Ban Corporate PAC Act, a bill to ban for-profit companies from establishing a political action committee (PAC) to influence political campaigns. In the 2020 election cycle alone, corporate PACs contributed more than $172 million to federal candidates.
“Too often, Americans see headlines about corruption and abuse of power by elected officials — it erodes trust in our institutions and in our government at every level, and it needs to stop,” said Slotkin. “Every American should feel confident that their elected leaders have the public’s best interests at heart, and that they aren’t in it for themselves, trying to make a quick buck off their position. That’s why I’m cosponsoring bills to ban Members of Congress from trading stocks while in office and to ban corporate PACs, which have had way too much influence in our politics for way too long.
“As new things come along like cryptocurrencies, Members of Congress have already started to invest in them. My bill will require them to publicly disclose cryptocurrency holdings and trades. The body that is set to provide oversight of Crypto should have to publicly declare their own investments. This, along with the TRUST in Congress Act, will help make sure Americans know that their representatives are following the law and not using their positions to pad their own bank accounts.”
As chair of the House Subcommittee on Intelligence and Counterterrorism, Slotkin will also hold a hearing next week focused on cryptocurrencies and ways to ensure that the emerging trend doesn’t jeopardize U.S. national security interests. The full text of the Cryptocurrency Accountability Act can be found HERE.
The bill would:
• Require disclosure of any cryptocurrency holdings or transactions by members, their spouses, or their dependents above $1,000 — in line with the current House and Senate ethics guidelines;
• Strengthen the punitive measures for late disclosures of cryptocurrency holdings or transactions from $200 to $500 or 5% of the asset that was disclosed late — whichever is greater; and
• Strengthen the punitive measures for intentionally falsifying disclosures of cryptocurrency holdings or transactions, in line with existing criminal punishments related to falsifying disclosures, to $66,000 or 5% of the asset that was falsified — whichever is greater.
