Home Finance US Government Officials Are Required To Disclose Their Crypto Holdings

US Government Officials Are Required To Disclose Their Crypto Holdings

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Whoever is working for the executive branch of the U.S. government has to disclose their crypto holdings, ethics officials stated yesterday, June 18.

In the legal advisory, the U.S. Office of Government Ethics (OGE) said that crypto is “property held … for investment or the production of income” instead of “real” currency or legal tender.

The OGE requires executive branch employees to report holdings of digital currencies because they “may create a conflict of interest for employees who own it.”

This is quite a significant move that will require the members of the U.S. executive branch and the officials working for the White House as well to reveal their crypto holdings.

Earlier this year, there was a member of the U.S Congress who submitted a petition that was asking for similar requirements for the federal lawmakers.

ICOs and token sale are also mentioned

The OGE’s documents also mention ICOs or the purchase of tokens before the launch of a particular network.

“Further, the reporting and conflict of interest principles set forth herein apply equally to other digital assets, such as ‘coins’ or ‘tokens’ received in connection with initial coin offerings or issued or distributed using distributed ledger or blockchain technology,” the OGE wrote.

The document doesn’t say exactly when the process began, but the OGE said that it moved to craft the guidance because government officials have been “increasingly seeking guidance from their ethics officials concerning their financial disclosure reporting obligations.”

More to come

The OGE suggested in yesterday’s release that this is not even the final word regarding this issue.

“Given the evolving nature of virtual currency, other regulatory agencies may issue additional findings or guidance that provide further insight into how these assets should be treated for the EIGA. Should such additional information become available, OGE may revisit the guidance offered in this Legal Advisory and update it as necessary,” the document says.