BlockEffect
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2 min read | 7 months ago

Members of the Government Must Expose Their Cryptocurrency Holdings

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People who work for the administrative department in the U.S. government have to expose the cryptocurrency they hold, says the Office of Government Ethics (OGE) on June 18th.

 

At the time that the statement came out, ethics officials declared that cryptocurrency is used “for investment or the production of income” but not as legal tender or currency. Therefore, the ethics officer required information about specific crypto holdings from the members of the executive branch in the U.S. government, since they “may create a conflict of interest for employees who own [them].”

 

The legal requirement is not only for administrative department members but also employees from the White House and federal agencies. Earlier this year, U.S. Congress officials gave a letter to federal lawmakers for asking similar requirements.

 

The OGE states:

 

“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.”


Although the statement has not confirmed when the requirement begins, ethics officials say that they have already begun making guidelines for those “increasingly seeking guidance from their ethics officials concerning their financial disclosure reporting obligations.”

 

The OGE decalres that “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 purposes of the EIGA.”

 

Bibliography

Shi. M, Madeline. US Ethics Office: Government Officials Must Disclose Crypto Holdings. Retrieved June 19, 2018, from Coindesk: https://www.coindesk.com/us-ethics-office-government-officials-must-disclose-crypto-holdings/

 

Photograph Retrieved from URL: https://www.navexglobal.com/blog/ethics-compliance-our-give-and-take-government

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