The General Assembly takes its first step towards recognizing the encrypted currency

Recently, we have witnessed the next president of the United States to issue an encrypted currency before its inauguration. It should not be outperformed, the next first lady released a cryptocurrency within forty -eight hours of her husband. In the wake of the issuance of this cryptocurrency, questions were raised about the transparency associated with those who buy cryptocurrencies and whether purchases can be used to influence official presidential procedures.

What is the relationship of “Trumpcoin” and “Melaniacoin” with Virginia? Let me explain.

The law of conflict of interest in Virginia states that our system of representative government depends on legislators who represent the public “entirely” in order to ensure “its citizens to maintain the highest confidence in their public employees.” A component of this confidence is that citizens know what special interests the legislator enjoy when they think about legislation.

The cornerstone of this general knowledge is the statement of economic interests that every legislator must submit on an annual basis. The model requires legislators to detect their property such as stocks, real estate and companies.

However, there are rapidly developed financial assets that are not subject to the current model: digital assets. The legislator is likely to have millions of dollars from Bitcoin, Ethereum, Dogecoin or another encrypted currency and do not have to reveal the truth to the public.

In fact, if our ruler or another elected official decides to issue their own encoded currency (Glenncoin, that is, if this is not on your political admiration, what about Lucascoin?), They will not need to reveal the amount of that encrypted currency they have to explain economic interests.

Fortunately, for Virginians interested in more transparency, Senator Saddam Selim, D-Fairfax province, presented, Senate Bill 1170 To demand that legislators reveal their digital property in explaining economic interests. Digital assets include cryptocurrencies as well as other assets associated with Blockchain technology.

Why is it important to detect digital assets, as well as the possibility of issuing officials elected in Virginia? The 2024 presidential elections provide a good example of how the economy changes and the increasing importance of encrypted currencies.

You may have noticed that in the months before the presidential elections in 2024, some media outlets began to talk about a measure, along with public opinion polls, which the candidate was a better opportunity to win the elections. This analogy was the prediction market. I noticed in October that many of the financial news that I sponsored, including Wall Street JournalThey were increasingly mentioning the prediction markets in covering the elections.

What might have you noticed is that the most obvious USMark Predging market, Polymarkket, had $ 3.2 billion in the “bets” that were placed on the election results. luck magazine. The most interesting is the fact that Polymark does not accept US dollars to put a bet. Instead, the statute only accepts the cryptocurrency.

In essence, by the end of the 2024 campaign, we witnessed major media covering the betting market on the blades only at the same time as registered American voter polls. He talked about a tremendous change in the four years between the 2020 and 2024 presidential elections.

Tennis markets are not the only outlet for digital assets. Retail traders like Starbucks and Whole Foods are now accepting encrypted currency payments. On January 7, Federation issued a report expecting more national countries and central banks to set positions in Bitcoin in 2025. In addition, the Trump administration mentioned in its desire to create a strategic reserve for Bitcoin.

Activities show that federal legislators and states in the states will organize a number of markets and payment services directed towards encryption in the coming years. A couple of virtual examples explains how these issues will likely come sooner rather than the attention of legislators. First, do legislators allow or organize encryption payments to sports book books online? Second, do legislators allow payment of taxes or other government fees with encrypted currencies?

These are just an example of possible public policy decisions that involve encrypted currencies. Located legislators may see large quantities of encrypted currencies in their net if organizational changes prefer cryptocurrencies in general or a specific encrypted currency. The public must have an idea if organizational change in favor of using cryptocurrencies may benefit a specific legislator with great property in digital assets.

The Senator Bill will provide a sound to the public information about the digital assets of the legislator and prevent the blockage or neglect of this information from the public. Senate Law 1170 is a logical bill that will help build confidence and accountability in our government. I urge the General Assembly to adopt this draft law and to the Jongen ruler to sign it.

John Blair grew up in the Bitsidia County. He is the current lawyer of the city in Storton, and he previously held the position of city lawyer for Charlotville and Dinuyidi Province.

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