US federal agency issues legal advisory on NFT investments

US federal agency issues legal advisory on NFT investments

The advisory primarily targets reporting of NFTs investments that represent “property,” such as real estate. The United States Office of Government Ethics (OGE) issued a legal advisory recommending various instances when senior government officials are required to disclose their investments in nonfungible tokens (NFT).In the legal advisory presented to the designated agency ethics officials, director Emory Rounds III said that all NFT investments — both fractionalized (F-NFTs) and collectibles — worth $1,000 must be reported if “held for investment or production of income” at the end of....


Related News

US ethics advisory on federal employee's crypto has basis in legislation

The Office of Government Ethics reminded federal agency ethics officers of current law and extended its interpretation of the law to mutual funds. When the United States Office of Government Ethics (OGE) released its Legal Advisory 22-04 on July 5, most attention was given to its conclusion that federal employees who own any amount of cryptocurrency or stablecoins whatsoever may not participate in regulation and policymaking that concerns crypto. The legal advisory (LA) raised some eyebrows, as de minimis exemptions, threshold amounts below which assets holdings are permissible, are common....

Federal Reserve's Bitcoin Policy Begins to Take Shape

On Friday, May 9th, 2014, the Federal Advisory Council and Board of Governors of the Federal Reserve met for their quarterly meeting in Washington D. C. This meeting was historically held in secrecy until Bloomberg News "won" a Freedom of Information Act request under the Freedom of Information Law requiring the Fed to make the meetings minutes available to the public. The Federal Advisory Council (FAC) is "composed of twelve representatives of the banking industry, consults with and advises the Board on all matters within the Board's jurisdiction..." according to the Federal Reserve in....

Reserve Bank of India Issues Public Advisory on Bitcoin

Following suit behind a number of other governments, the Reserve Bank of India (RBI) has issues a public advisory regarding bitcoin, making citizens aware of the potential financial, legal, and security risks behind the digital currency. The advisory came to their conclusions following "examining the issues associated with the usage of virtual currencies" in comparison with already-established legal and regulatory framework. "The creation, trading or usage of virtual currencies including Bitcoins are not authorised by any central bank or monetary authority. As such, there is no established....

Cryptor Trust Advisory Board

Cryptor Trust Inc. plans to set up an Advisory Board for the Asia-Pacific region, but the advisory board aims to do more than simply provide advice. This board is focused on action. Board member candidates a required to have started Bitcoin related companies, done research, donated money, contributed to bitcoin blogs, launched forums, organized events, provided input on a range of issues or actively participated in the space. In this way, the board will be able to provide depth and value. Cryptor Trust Inc. is in the process of inviting entrepreneurs, Bitcoin foundation leaders and Bitcoin....

John McAfee’s MGT Investments Adds Roger Ver to the Team

MGT Capital Investments, Inc. (NYSE MKT: MGT) has announced it has appointed angel investor Roger Ver as the chairman of the company’s “Cryptocurrency Advisory Board.” MGT Capital Investments is a cyber security portfolio firm dedicated to this growing industry and led by antivirus software mogul John McAfee. Roger Ver and Bryan Seely Join the MGT Investments. MGT Capital is aimed to address cyber security threats with its portfolio companies dedicated to solving issues with viruses, malware, ransomware, and many more attacks found online. The firm is currently in the process of acquiring....