Bill Powers

Political law attorney. Campaign tech, nonprofits, crypto, NFTs, & other cool stuff. Red Sox & Nats fan. Views my own; not legal or financial advice.

[Bill Powers @WilliamAPowers]

As #Washington debates security v. commodity for #crypto, officials who make law and policy already have their own set of rules to play by. In a @BLaw Insight, I look at how congressional and federal ethics rules treat cryptocurrencies.
https://t.co/IA1qTtD6fs

[Bill Powers @WilliamAPowers]

Beyond resolving Rep. Cawthorn’s case, the House Ethics report puts Members of Congress on notice that the Committee considers cryptocurrencies subject to reporting requirements, and the decision is yet another data point showing how Congress interacts with digital assets.

[Bill Powers @WilliamAPowers]

No surprise that House Ethics found Rep. Cawthorn in violation of Ethics in Gov’t Act rules that require reporting purchases and sales of certain assets, including cryptocurrency. But it’s still a big deal, and here’s why. 👇
https://t.co/9MtZnxtnyZ

[Bill Powers @WilliamAPowers]

Don’t expect that defense to fly again. The report states that it is meant to educate all Members about the laws and rules designed to protect the integrity of the House against conflicts of interest, “including as they apply to digital assets.”

https://t.co/OItoNgHu8K

[Bill Powers @WilliamAPowers]

@HaileyLennonBTC @BrownRudnickLLP Yes please. Would love to stop by.

[Bill Powers @WilliamAPowers]

@HaileyLennonBTC Count me in!

[Bill Powers @WilliamAPowers]

End/7 And if lawmakers can only hold cryptocurrency indirectly through a blind trust, wouldn't that hamper their ability to gain first-hand knowledge about the very industry for whom they will be writing the rules?

[Bill Powers @WilliamAPowers]

Why should crypto and blockchain care about the newly proposed Congressional "Stock" Ban?

Because it affects more than stocks. It covers cryptocurrency and could define the term for the first time in U.S. law. Here's why 👇

The bill per @PunchbowlNews

https://t.co/4HMFSEgNWP

[Bill Powers @WilliamAPowers]

6/7 But the new House bill doesn't just define cryptocurrency (which would be newsworthy on its own).

The new bill goes further - it bans lawmakers from owning crypto and digital assets, at least directly.

If they own it and want to keep it, they must put it in a blind trust.

[Bill Powers @WilliamAPowers]

There's lots more in the WH Fact Sheet. What do others think about it?

@BirdnalsLAW
@CapHillCrypto
@BlocksAndWords
@kevin_batteh
@PabloEnriqueEsq
@EmilyMMeyers
@CarlosDM_Esq
@Katon_Crypto

and many others....

[Bill Powers @WilliamAPowers]

A new "Fact Sheet" from the WH out this a.m. highlighting some of the exec branch's work on digital assets since the March EO.

I'd call this more of a "progress report" than a "report card."

Some initial impressions 👇

*Not legal of financial advice.

https://t.co/N1Jzvu8iZx

[Bill Powers @WilliamAPowers]

Plus, all of this is under the header "Advancing Responsible Innovation," highlighting the promise of the industry in areas like financial inclusion.