New York legislation proposes that public officials disclose their crypto holdings annually
July 7, 2021, 10:51AM EDT
1 min read
A proposed law in New York would, if approved, require public officials in the state to disclose cryptocurrency holdings above a $1,000 threshold 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's public officers law, according to a summary of the legislation, the proposal aims to "close the loophole on cryptocurrency assets, like bitcoin, on the state's financial disclosure statement and add transparency regarding individuals' interest in this type of digital financial property."
As for the specifics of the public officers law change, the summary states:
"A new paragraph 16-a is added to subdivision 3 of section 73-a of the public officers law to require the reporting of type and market value of cryptocurrencies held by the reporting individual, in excess of $1,000 at the close of the taxable year prior to the date of filing. For purposes of the bill, "cryptocurrency" is defined as a digital currency in which encryption techniques are used to regulate the generation of units and currency and verify the transfer of funds, operating independently of a central bank."
It is unclear how many public officers in the state own cryptocurrencies; the bill's justification text cites the IRS's move in 2014 to treat cryptocurrencies as a form of property for tax purposes, among other items. Still, examples like Alabama Congressman Barry Moore's dogecoin, ether and cardano purchases illustrate how some office-holders in the United States have been drawn to crypto investments.
If approved, the proposed law would officially go into effect the following January 1. The full text can be found here.
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