U.S. regulators look at cryptocurrencies with precaution whereas Rep. Bob Goodlatte the chair of the House of Judiciary Committee has no doubt to invest in Bitcoin[BTC] and other digital assets. The first U.S. Congressman to disclose his holdings in virtual currencies, stated in a recent financial disclosure of his investment.
In the disclosure he mentioned that he had funding worth between $17,000 and $80,000 in Bitcoin Cash [BCH], Bitcoin[BTC] and Ethereum[ETH]. The House Ethics Committee in June issued a memo stating lawmakers are required to disclose any investments in cryptocurrencies as a part of their annual financial disclosure. It will be reported under ‘other forms of security’. The disclosure which was available on the website of the Clerk was filled in May.
For the people to whom it was unknown that House Judiciary Committee is a standing committee of the U.S. House of Representatives overseeing the administration of justice within courts, administrative agencies and federal law enforcement bodies. The Committee also can do impeachments of federal officials.
Is Goodlatte a pro Bitcoin?
Bob Goodlatte is a member of the Congressional Blockchain Caucus which is solely responsible in advancing in comprehensive public policy towards both blockchain technologies and virtual currencies.
The exciting part of the story is Bobby Goodlatte Jr.; son of Bob Goodlatte is angel investors in Coinbase, one of the angel investors in U.S. based cryptocurrency exchange.
There is no record of his investments but the Coinbase angel investor’s 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.”
The U.S. Treasury Department declared that both cryptocurrency and blockchain technology were under analyzing by Financial Stability Oversight Council- it is a government organization which is bestowed with identifying risks and answering to threats to financial stability.
It also declared that blockchain technology lies in the list of ‘promising innovations’ that might be used by financial companies.
In studying digital currencies support has been extended by Commodity Futures Trading Commission(CFTC). According to the Chairman of the CFTC, J. Christopher Giancarlo, in respect to regulations of blockchain technology, CFTC is lagging behind international government authorities.
The proposal of Winklevoss’ Bitcoin ETF was cancelled by U.S. Securities and Exchange Commission (SEC). More proposals regarding the Bitcoin ETFs are waiting.
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