2018-6-23 02:01 |
The U.S. House Ethics Committee released a memo on Monday revealing that members of the House will have to disclose cryptocurrency holdings worth over $1,000, much as they would any other type of investment. House members will also be required to reveal any sales or purchases of cryptocurrencies in excess of $1,000 no later than 45 days after the transaction.
The new disclosure guidelines are noteworthy for several reasons, not least of which because they are yet another example of increased government scrutiny toward cryptocurrencies.
Last week, SEC Director William Hinman spoke publicly about which cryptocurrencies will be considered securities in the eyes of the SEC. Hinman’s comments were a mixed bag from the perspective of cryptocurrency enthusiasts, as they produced just as many questions as answers.
What’s clear from these events, however, is that the U.S. government is keenly aware of the ways cryptocurrencies “are changing and expanding traditional financial markets.”
Government regulations have been looming over the cryptocurrency industry for some time, perhaps playing a role in the recent decline in cryptocurrency prices. Details on exactly how regulatory agencies will treat cryptocurrencies—as securities, cash equivalents or some other kind of asset—are still sparse. Whatever the result, regulations will no doubt be a major factor in the future of cryptocurrencies.
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