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.
“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.”
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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