US Government Makes Execs Declare Their Crypto Holdings

The United States Office of Government Ethics (OGE) has issued a legal advisory notice advising employees of the US executive branch to disclose their cryptocurrency holdings.

The notice declared that virtual currency is “property held ... for investment or the production of income” and therefore must be disclosed.

The advisory recognizes potential conflicts of interest may arise through government employees owning crypto assets, stating, “Virtual currency is an investment asset and, like other property held for investment, it may create a conflict of interest for employees who own it.”

The OGE clarified that it does not consider virtual currency a ‘real’ currency or legal tender, but in line with The Internal Revenue Service it is treated as property, rather than as currency for tax purposes