Texas Congressman Investigated for Late Disclosure of Bitcoin

Texas Congressman Brandon Gill is reportedly under investigation by authorities for the late reporting of a Bitcoin (BTC) purchase worth $500,000.

According to Cointelegraph on the 3rd (local time), Representative Brandon Gill is being investigated for violating federal laws by belatedly reporting Bitcoin purchases worth up to $100,000 and $250,000, respectively. Under the current U.S. 'STOCK Act,' such disclosures must be made within 45 days, but he is accused of failing to comply with this rule.

However, the penalty is expected to be minor. Under current law, failure to meet the reporting deadline usually results in a fine of about $200. Regarding this, investment research company Quiver Quantitative commented on X, “Since we've tracked congressional stock trading, we've witnessed thousands of violations of the law,” and “The fines for reporting deadline violations are nothing more than a slap on the wrist.”

Meanwhile, Congressman Brandon Gill is known as one of the most prominent pro-digital asset figures in the U.S. Previously, he stated on X, “Digital assets play an important role in today's monetary system.”