American Officials Are to Provide Information on Their Cryptocurrency

declare cryptocurrency

The US Office of Government Ethics (OGE) will now demand the government workers to reveal their cryptocurrency property.

Although the Office “does not consider virtual currency a “real” currency or legal tender”, but the law requires the officials to provide details on any kind of income, thus, cryptocurrencies are also subject to this regulation.

We must admit that the US governmental organization have totally different views on the status of digital coins, namely:

  • The well-known SEC believes that some of ICO tokens can be regarded securities, while Bitcoin and Ethereum do not qualify.
  • The Internal Revenue Service views digital currencies as legal property (though, not legal currency).
  • The Commodity Futures Trading Commission obviously considers cryptocurrency a commodity.

The government admits that the whole sphere has not been properly classifies yet, that is why cryptocurrency in the US does not have a single official status.

Anyway, the Office of Government Ethics still thinks that cryptocurrency is the property that needs to be disclosed. Thus, if any official posses digital coins worth more than $1000 or bringing $200 over a certain period of time, he/she has to declare them.

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