First U.S. Congressman Discloses Cryptocurrency Holdings

Congratulations to the U.S. Congress! The House of Representatives now has its first member who disclosed that he owns cryptocurrencies.

Representative Robert William (Bob) Goodlatte (R-VA 6th District) has disclosed in his 2017 Financial Disclosure Statement on May 10 that he owns several cryptocurrencies in varied sums:

  • Bitcoin (BTC) – $15,001-$50,000
  • Bitcoin Cash (BCH) – $1,001-$15,000
  • Ethereum (ETH) – $1,001-$15,000

Overall, Representative Goodlatte has in his possession cryptocurrencies in the amount of $17,000 to $80,000. Not a bad haul. Here’s a screenshot of the relevant part from his disclosure (you can read through it yourself in this PDF document):

It is important to stress that even though the House Ethics Committee released a Memorandum on June 18, advising members of Congress to reveal their cryptocurrency holdings above $1,000, Representative Goodlatte had filed his disclosure before that on May 10; it is indeed quite impressive that a politician exhibits a transparent conduct when he’s not urged to do so.

Cryptocurrency in not an odd venture in the Goodlatte family. Representative Goodlatte’s son, Bobby Goodlatte Jr. is an angel investor who already in 2013 invested early in the crypto-exchange, Coinbase. It is unclear (nor required to reveal) how much Goodlatte Jr. invested, but it might be safe to speculate that Bitcoin and other cryptocurrencies were an interesting topic of conversation around the Goodlatte household table.

It is also worth mentioning that Representative Goodlatte is a member of the Congressional Blockchain Caucus, which is being led by the co-chairs Representative Jared Polis (D-CO 2nd District) and Representative David Schweikert (R-AZ 6th District). The Congressional Blockchain Caucus is a bi-partisan group of Congressmen who profess they believe in blockchain technology and maintain “a hands-off regulatory approach,” which is allowing blockchain to evolve and grow without too many hindering regulations similarly to the development of the internet; this is a similar approach to the one that the CFTC Chairman Christopher Giancarlo presented a few weeks ago.

It is nice to see that even in an awfully divisive times such as today there’s still something which politicians from both sides of the political aisle can rally behind together.