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Chair of Judiciary Committee of the U.S. House of Representatives, Bob Goodlatte recently revealed that he owns in between $17,000 and $80,000 in virtual currency. The revelation was made in the annual Financial Disclosure Statement of Goodlatte that was filed on May 10, just a month prior to the issuance of new rules by the U.S. Ethics Committee regarding disclosure of holdings in the digital currency.

Goodlatte has made major investment in Bitcoin

According to the new rules, all the members of the House of Representatives of the U.S. must reveal the crypto holdings of their own as well as their spouse that have a value of more than $1000 and also present a report of crypto transactions worth $1000 or more made in 45 days. The annual statement of Goodlatte says that he has majorly invested in Bitcoin (BTC) but also has some holdings in Bitcoin Cash (BCH), and Ethereum (ETH).

The son of Goodlatte, Bobby Goodlatte Jr. works as an angel investor in Coinbase, a cryptocurrency exchange in San Francisco. However, the amount of investment made by the judiciary committee chair is not known. These revelations by Goodlatte have come as a surprise to many because most of the lawmakers in the U.S. have still not accepted cryptocurrencies and look upon it with outright derision and suspicion.

Rather, a Californian Representative Sherman stated that the virtual currency is just a crock that is used more to serve criminals and terrorists move money across the world. However, there are a few Congressmen who support the cryptocurrency industry.

Few congressmen want to promote blockchain technology

Incidentally, Jared Polis is a congressman who has been promoting Bitcoin and even established the Congressional Blockchain Caucus. This particular group is planning to expand the blockchain technology further and promote a regulatory approach towards this technology. Senator Mark Warner is another congressman who has supported blockchain and has shown complete faith in the transformative power of this technology.

Warner stated, “I was an early investor in cell phones back in the ’80s, and I believe blockchain has the potential to be just as transformational as cell phones. As our government begins to look at crypto, I don’t think you can separate cryptocurrencies from the technology they’re based on.” According to Warner, the sector’s market capitalization can reach $20 trillion in the future.

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