American officials were required to report on cryptocurrency savings

The US Office of Government Ethics (OGE) will require executive branch officials to disclose financial information about digital currency savings to avoid conflicts of economic interest.

According to OGE, government officials at the White House and federal agencies are required to disclose holdings of all types of digital assets, including any investments in ICOs (initial coin offerings) and any other coins associated with the use of blockchain technology. Yesterday, OGE released a document in which it equates cryptocurrency to property, investment instruments and industrial income, therefore, this type of asset is subject to financial reporting by government officials. 

The new document concerns all executive branch officials directly involved in the formation and development of rules for regulating the crypto industry. OGE is convinced that otherwise, not only a conflict of economic interests arises, but also the possibility of manipulation in the cryptosphere. Recently, the US Department of Justice has already launched criminal investigations against large financial traders on charges of manipulating the prices of cryptocurrencies in the crypto market.

OGE considers such a document to be essential for creating rules and reporting principles for government officials. At the same time, the dates for the entry into force of the new reporting rules have not yet been established, and the department notes that the document is not of a legislative nature, and this issue requires more detailed study together with other government agencies interested in the regulation of cryptocurrency in the country. 

OGE also does not rule out that during the discussion, other regulatory agencies that are actively involved in shaping the regulatory framework of the crypto space will express their opinion on this issue, and crypto assets will be considered from a different point of view. 

This year, one of the US Congressmen has already made attempts to oblige executive authorities to report on the availability of cryptocurrency savings. They submitted a petition to federal legislation, which remained unconsidered.

Despite attempts by US regulatory authorities to escalate the situation around cryptocurrency, Former US Attorney Mary Beth Buchanan advises everyone to get rid of the misconception regarding the “criminal nature” of cryptocurrency and not to “go too far.”