U.S. Congressman discloses holdings in cryptos including Bitcoin [BTC] 20459
News
Jessica Kuruthukulangara
Aug 7, 2018 at 7:12 AM

Even as U.S. regulators view cryptocurrencies with caution, Rep. Bob Goodlatte – the chair of the House Judiciary Committee – seems to have no qualms about investing in Bitcoin [BTC] and other digital assets. Goodlatte is now the first U.S. congressman to reveal his holdings in virtual currencies, going by a recent financial disclosure of his investments.

In his annual disclosure, he stated that he owned investments worth between $17,000 and $80,000 in Bitcoin [BTC], Bitcoin Cash [BCH] and Ethereum [ETH].

In a memo issued by the House Ethics Committee dated June, lawmakers are required to disclose any investments in cryptocurrencies as part of their annual financial disclosure.

The disclosure would have to be reported under “other forms of securities.” The disclosure, available on the Office of the Clerk’s website, was filed in May.

See also: For Bitcoin holders, ICE’s “Bakkt” a reason of concern: Wall Street veteran

For those who may not know, the House Judiciary Committee is a standing committee of the U.S. House of Representatives tasked with overseeing the administration of justice within courts, administrative agencies and federal law enforcement bodies. The committee is also responsible for impeachments of federal officials.

Goodlatte - pro-Bitcoin?

Bob Goodlatte is notably a member of the Congressional Blockchain Caucus, which is dedicated to advancing comprehensive public policy toward blockchain technologies and virtual currencies.

It is also interesting to note that Goodlatte’s son – Bobby Goodlatte Jr. – is one of the angel investors in U.S.-based cryptocurrency exchange Coinbase.

While details of his investment are not known, his profile in the Coinbase angel investor list says, “I've been using and trusting Coinbase for months. They've built a great product—it's Bitcoin for the rest of us.”

U.S. govt on cryptos so far

The U.S. Treasury Department recently said that cryptocurrency and blockchain technology were being analysed by a working group of the Financial Stability Oversight Council - a government organization tasked with identifying risks and responding to emerging threats to financial stability.

It also stated that blockchain technology is among certain “promising innovations” that could be used by financial companies.

See also: Blockchain tech a ‘promising innovation’ for financial firms: U.S. Treasury

Moreover, the Commodity Futures Trading Commission (CFTC) seems to support the idea of at least studying digital currencies. The CFTC is falling behind international government authorities with respect to regulation in blockchain technology, according to J. Christopher Giancarlo – chairman of the CFTC.

On the other hand, the U.S. Securities and Exchange Commission (SEC) recently rejected the proposal of the Winklevoss' Bitcoin ETF, dealing a serious blow to the cryptoverse. There are, however, more proposals for Bitcoin ETFs awaiting the regulatory seal.

Image via Shutterstock

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