The ethics Committee of the U.S. Congress introduced new rules for members of the house of representatives, according to which they are required to disclose information about their investments in cryptocurrency in excess of $1000.
These regulations were published in the memo, released on June 18. It shows that cryptocurrencies are defined as securities under the law “About the ethics of officials of state bodies”, and must be referred to the disclosure of financial information in reporting to the Secretary of Commerce.
In the memo from the Committee on ethics also addresses the issue of supply of coins (ICO). According to the document, it is impossible to determine which ICO can be considered as a subject of initial public offerings (IPO), to fall under the prohibition of participation in them. Recall that in accordance with legislation passed in 2012, members of Congress are prohibited from participating in transactions with securities not available to the General public.
“Any member, officer or employee choosing to participate in the ICO should inform the ethics Committee before taking any action,” written in the memo.
In addition, on June 18, the Office of ethics in government bodies, being the Supervisory authority for the Federal government, in its updated guidance has obliged employees of the Executive branch to disclose information about their cryptocurrency savings.
It is unclear whether these regulations apply to the members of the Senate. However, in the beginning of this year one of the American lawmakers, a member of the house of representatives from Colorado Jared Polis (Jared Polis) has sent a petition to the ethics Committee with a request to require all members of Congress to disclose their cryptocurrency assets. He argued that cryptocurrency assets investigation by a number of agencies as a commodity, and therefore indistinguishable from traditional assets.
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