The committee that oversees ethics on the House said Capitol Hill lawmakers will be required to disclose holdings of cryptocurrencies that exceed a certain threshold.
“In particular, the [ethics] Committee has determined that with respect to financial disclosure, cryptocurrencies will be treated as an “other forms of securities” and are therefore subject to reporting both on a financial disclosure filer’s annual Financial Disclosure Statement (FD Statements or Statements) and on Periodic Transaction Reports (PTRs) throughout the year,” the House Committee on Ethics said in a news release.
The Committee said members of the House would be required to disclose holdings of more than $1,000 and record any transactions that exceed $1,000 within 45 days of the purchase or sale of the virtual asset.
The Committee also “strongly” encouraged any member of the House who is considering participating in an ICO to contact the House before doing so.
The move comes as lawmakers grapple with categorizing major digital currencies as well as initial coin offerings (ICOs)—an alternative tool for raising money by issuing digital currencies.
Read: Crypto crackdown: New Jersey orders 3 firms to stop offering unregistered securities
On June 14, the director of corporate finance at the Security and Exchange Commission, William Hinman said bitcoin
the two biggest cryptocurrencies, shouldn’t be categorized as securities, a classification that would warrant greater regulatory oversight.
Read: Bitcoin and Ether rally after SEC official says they aren’t securities
Read: The SEC created a fake ICO website to show just how easy it is to scam investors