Member of Congress and the chair of the House Judiciary Committee Bob Goodlatte’s has admitted to crypto holdings. Goodlatte owns between $17,000 and $80,000 in cryptocurrency, according to his annual financial disclosure.
The filing was made in May, ahead of new rules from the House Ethics Committee requiring members of the House to disclose their ownership of cryptocurrency in annual reports, the same way they would disclose any other asset. The new rules also require lawmakers to report cryptocurrency transactions within 45 days, as is given for other financial transactions.
Goodlatte’s annual financial disclosure was filed in May (image below) and includes his bitcoin, bitcoin cash and ethereum holdings.
Goodlatte is also a member of the Congressional Blockchain Caucus. While some regulators and lawmakers have called for tightening regulations on digital currencies, there are several members of Congress who are proponents of the industry.
People may take the news that another senior politician is investing in bitcoin and cryptocurrencies as a sign that crypto regulation in the U.S. could move in bitcoin’s favor.
The SEC has indicated it views digital currency as a security, while the Commodity Futures Trading Commission says bitcoin is a commodity. The IRS, meanwhile, says cryptocurrency is not actually a currency and defined it in 2014 as property and issued guidance on how it should be taxed.
Goodlatte’s son, Bobby Goodlatte, is reportedly an investor in cryptocurrency wallet provider and exchange Coinbase, though the details of Bobby Goodlatte’s investment are not public.
In May, fellow Democrats Dave Min and Brian Forde clashed over accepting cryptocurrencies as donations for the 45thCongressional race. Former Republican Ron Paul said he’s in favor of legalizing alternative currencies so long as they are not used for fraudulent purposes.
Just a few days ago, a 2020 U.S. Presidential Candidate Andrew Yang said he will be accepting cryptocurrencies as official forms of donations for his campaign. While the US Government remains uncertain on its position towards cryptocurrencies and the way they are treated, all of the above signals that they are moving into the mainstream of American politics.