New York law proposes that public officials disclose their crypto holdings every year

[ad_1]

A proposed law in New York would, if approved, require state officials to disclose cryptocurrency holdings above a threshold of $ 1,000 on an annual basis.

The bill, submitted on July 2 according to public records, was sponsored by State Senator Rachel May. By amending the State Public Officials Act, according to a summary of the legislation, the proposal aims to “close the gap on cryptocurrency assets, like bitcoin, in the state’s financial disclosure statement. and to add transparency regarding the interest of individuals in this type of digital financing. property.”

As for the specifics of the amendment to the law on public officers, the summary states:

“A new paragraph 16-a is added to subsection 3 of article 73-a of the Public Officials Act to require the declaration of the type and market value of cryptocurrencies held by the declarant, at – over $ 1,000 at the end of the tax year For the purposes of the bill, “cryptocurrency” is defined as a digital currency in which encryption techniques are used to regulate the generation of units and foreign exchange and verify the transfer of funds, operating independently of a central bank. “

It is not known how many public officials of the state own cryptocurrencies; the rationale for the bill cites the IRS’s 2014 decision to treat cryptocurrencies as a form of property for tax purposes, among other things. Still, examples like the dogecoin, ether and cardano purchases by Alabama Congressman Barry Moore illustrate just how attracted some charge holders in the United States have been to crypto investing.

If approved, the proposed law would formally enter into force on the following January 1. The full text can be found here.

Related reading

[ad_2]