The Ethics Committee of the U.S. House of Representatives has issued a memorandum requiring all House Members to disclose their cryptocurrency holdings worth over $1,000, Bloomberg reported yesterday, June 20.
The memo, dated June 18, outlines a range of disclosure requirements for lawmakers, covering crypto holdings, participation in Initial Coin Offerings (ICOs), and any income earned from cryptocurrency mining.
Noting that while the U.S. Commodity Futures Trading Commission (CFTC) has determined some cryptocurrencies to be commodities – most notably, Bitcoin (BTC) – the Ethics Committee has nonetheless decided that “with respect to financial disclosure, cryptocurrencies will be treated as ‘other forms of securities.’” House members are therefore required to disclose their own and their spouse’s holdings of cryptocurrencies valued at over $1,000 under “Assets and Unearned Income,” and purchases, sales or exchanges of crypto valued at over $1,000 under “Transactions” in their annual Financial Disclosure Statement.
Being considered as “other forms of securities” for disclosure purposes, crypto purchases, sales and exchanges that exceed $1,000 are further subject to Periodic Transaction Report filings, which must be submitted within 45 days of the transaction, according to the memorandum.
The new memo clarifies that any payment in crypto, as well as profit derived from crypto mining, is subject to this limit, whereas crypto trading is not, as it’s considered a form of investment or unearned income.
The House Ethics Committee has informed all US Congress members that they must disclose any investment worth more than $1,000 as of June, 18. All lawmakers on Capitol Hill make an annual financial disclosure but a new memo has informed them that any cryptocurrency purchase or sale that exceeds $1,000 must be reported within 45.
The United States Office of Government Ethics released a legal advisory on government employees, instructing them to report their cryptocurrency holdings under normal financial disclosure procedures.
Regulation In recent regulatory news, the United States Office of Government Ethics has issued a document advising employees of the U. S. executive branch to disclose their cryptocurrency holdings. Also Read: Financial Services Provider Square Acquires New York Bitlicense U.
In recent regulatory news, the United States Office of Government Ethics has issued a document advising employees of the U. S. executive branch to disclose their cryptocurrency holdings. In other news, Bank of Korea has rejected the notion of central bank-issued digital currencies, Crypto Finance AG has received licensing from the Swiss Financial Market Supervisory Authority […]
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In recent regulatory news, the United States Office of Government Ethics has issued a document advising employees of the U. S. executive branch to disclose their cryptocurrency holdings. In other news, Bank of Korea has rejected the notion of central bank-issued digital currencies, Crypto Finance AG has received licensing from the Swiss Financial Market Supervisory Authority […]
The post U.
The US Office of Government Ethics has instructed federal employees to report their holdings of virtual currency and transactions of certain investment assets
Those working for the executive branch of the U.S. government must disclose their cryptocurrency holdings, ethics officials said Monday. In a legal advisory released Monday, the U.S. Office of Government Ethics (OGE) clarified that digital currency is “property held … for investment or the production of income” instead of a “real” currency or legal tender. The
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