Cryptocurrency Accountability Act

HR 5050, the Cryptocurrency Accountability Act, requires Members of Congress (and their spouses or dependent children) to report cryptocurrency transactions exceeding $1,000 and annual holdings. It mandates annual disclosure of purchases, sales, or exchanges in cryptocurrency, along with the value of holdings, with reports due within 45 days of transactions. Penalties include fines of at least $500 or 5% of the transaction value for late reporting, and up to $66,000 for intentional false reporting or omissions. The bill focuses solely on transparency for lawmakers’ cryptocurrency activities, not on regulating the cryptocurrency market itself.