Bill Overview
Title: Cryptocurrency Accountability Act
Description: This bill requires Members of Congress to disclose their cryptocurrency holdings and related transactions that exceed $1,000, as well as those of their spouses and dependent children. The bill also imposes penalties for failing to make accurate and timely disclosures.
Sponsors: Rep. Slotkin, Elissa [D-MI-8]
Target Audience
Population: Members of Congress, their spouses, and dependent children
Estimated Size: 1100
- The bill applies directly to Members of Congress who hold cryptocurrency.
- The requirement involves the spouses and dependent children of these Members, therefore impacting a small percentage of the US population.
- The bill requires disclosure of holdings and transactions over $1,000.
- There are approximately 535 Members of Congress.
Reasoning
- The policy impacts a very limited subset of the population directly, specifically Members of Congress, their spouses, and dependent children, estimated to be 1,100 people.
- Outside of this group, broader societal or economic impacts may be indirect and speculative.
- Given the scope and purpose of the policy, general public reactions and perceptions around transparency and government trust could be affected.
- Wellbeing in these interviews is measured using the Cantril scale, which evaluates how people perceive their position on the best possible life scale versus the worst.
Simulated Interviews
Congressman (Washington D.C.)
Age: 45 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 15/20
Statement of Opinion:
- The bill promotes transparency which is good for public trust.
- It adds some administrative burden, but it’s manageable.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 6 |
Spouse of Senator (California)
Age: 50 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 15/20
Statement of Opinion:
- This will require hiring additional accounting help.
- Better for longer-term reputation management.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Dependent child of Congress member (New York)
Age: 28 | Gender: other
Wellbeing Before Policy: 7
Duration of Impact: 1.0 years
Commonness: 12/20
Statement of Opinion:
- No significant change expected.
- More cautious with information shared with peers.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Former Congressman (Texas)
Age: 70 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 20.0 years
Commonness: 10/20
Statement of Opinion:
- Glad to see increased transparency measures.
- Could be a deterrent for future candidates.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Senator (Florida)
Age: 60 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 10.0 years
Commonness: 14/20
Statement of Opinion:
- Little personal impact but supportive of the policy.
- Helps set a good example for integrity.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 7 | 7 |
Spouse of Congressman (Ohio)
Age: 35 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 16/20
Statement of Opinion:
- Pleased with steps toward accountability.
- No direct changes expected in lifestyle.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Lobbyist (Georgia)
Age: 40 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 7.0 years
Commonness: 12/20
Statement of Opinion:
- Concerned about overreach but long-term benefits of transparency.
- Needs to adjust compliance workflows.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 6 | 5 |
Congresswoman (Illinois)
Age: 53 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 15/20
Statement of Opinion:
- Supportive of the measure as a positive example.
- Minor hassle due to added paperwork requirements.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 6 | 6 |
Journalist (New Jersey)
Age: 30 | Gender: other
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 18/20
Statement of Opinion:
- Strengthens my articles on transparency and accountability.
- No personal lifestyle changes but more work following disclosures.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Crypto Advisor (Washington D.C.)
Age: 48 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 8.0 years
Commonness: 13/20
Statement of Opinion:
- Increases workload but important for ethical standards.
- Expect more advisory requests.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 5 | 5 |
Cost Estimates
Year 1: $5000000 (Low: $4000000, High: $6000000)
Year 2: $2500000 (Low: $2000000, High: $3000000)
Year 3: $2500000 (Low: $2000000, High: $3000000)
Year 5: $2500000 (Low: $2000000, High: $3000000)
Year 10: $2500000 (Low: $2000000, High: $3000000)
Year 100: $2500000 (Low: $2000000, High: $3000000)
Key Considerations
- The bill primarily addresses transparency and accountability in government, thus providing more indirect benefits rather than direct cost savings or revenue.
- Implementation requires reliable systems to ensure compliance and manage penalties.
- The potential reputational impacts on cryptocurrency valuation and regulatory environment as Congress interacts more formally with the technology.