US Office of Government Ethics: OGE does not consider virtual currency a “real” currency or legal tender
|United States Office of Government Ethics has recently published a statement titled 'Guidance for Reporting Virtual Currency on Financial Disclosure Reports." Below are key takeaways from the official publication.
- This Legal Advisory clarifies that the U.S. Office of Government Ethics (OGE) has determined that virtual currency is “property held . . . for investment or the production of income” for purposes of public and confidential financial disclosure, pursuant to the Ethics in Government Act (EIGA).
- OGE does not consider virtual currency a “real” currency or legal tender.
- OGE recognizes that virtual currencies are experiencing a surge in use and access, and as a result, employees who hold virtual currencies are increasingly seeking guidance from their ethics officials concerning their financial disclosure reporting obligations.
- OGE also recognizes that virtual currency is a relatively new and still evolving financial instrument whose final form and function may yet change.
- Accordingly, we are issuing this guidance to address reporting requirements for employees who hold virtual currency and note that we may need to issue further guidance as the nature of virtual currency becomes better defined.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.