Texas Politician Blows Deadline on Bitcoin Holdings Disclosure—Whoops

Another day, another politician playing fast and loose with transparency rules. This time, it’s a Texas lawmaker missing the mark on disclosing Bitcoin purchases—because apparently, even public servants can’t resist the crypto FOMO.

While the rest of us get audited for forgetting a $50 deduction, the rules seem... flexible for those holding digital assets. Maybe they’re too busy HODLing to check their calendars.

Just remember: When Wall Street misses a deadline, it’s a ’clerical error.’ When crypto bros do it, it’s ’disruptive innovation.’ Funny how that works.

Trump ties

The lawmaker, a member of three House committees and son-in-law of conservative commentator and Trump donor Dinesh D’Souza, who Trump pardoned in 2018 for criminal campaign finance violations, has become prominent among Washington’s growing pro-crypto bloc.

He’s backed several bills aimed at deregulating the industry and is known for a controversial proposal to replace Benjamin Franklin with Donald Trump on the $100 bill.

Gill is hardly alone in making investments in crypto while supporting policies favorable to the industry.

Since returning to office, Trump and his family have launched or endorsed numerous digital asset ventures, from NFTs to unlaunched DeFi platforms. His sons, Eric and Donald Jr., are also involved in several crypto projects.

The push for looser crypto rules has coincided with significant financial gains for its political backers. 

The SEC has dropped several investigations into crypto firms under the current administration, while lawmakers, including Vice President JD Vance, have praised the industry at high-profile events.

In response, Democrats, led by Rep. Maxine Waters (D-Calif.), have introduced bills to prohibit elected officials and their families from owning or launching crypto projects while in office. So far, such measures have failed to attract Republican support.

Edited by Sebastian Sinclair

Daily Debrief Newsletter