Bitcoin, Crypto currency, Blockchain

The ethics Council of the American Congress: the people’s Republic of crypto-Investments to disclose

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The ethics Committee of the US Congress, called on members this week, your plant and equipment and Investments in crypto-currencies to be disclosed. In a Memorandum to the members of the house of representatives, the Committee comes to the conclusion that crypto-currencies as securities, and thus as an asset is to be assessed. Thus, these fall under the requirement of Expulsion of members. Meanwhile, the head of the U.S. office of management and Budget accounting-OMB calls for currencies this week, a balanced regulation of Crypto. This should not deter market participants.

Not every crypto investor is also to the public as an advocate of the controversial payment alternatives. This should particularly apply to politicians. Strategy, Parteiräson, disguised income, and interests – reasons for public support, you can quickly find. What politician crypto asset holds and who conceals this rather, and therefore remains mostly in the dark.

To change this, the U.S. Congress now. As a recent Memorandum from the ethics Council this week, calls to the members of the U.S. house of representatives, with reports, in the future, all of your crypto Investments over US $ 1000 in their annual financial disclose.

It is said in the Letter:

“Crypto-currencies are changing and advanced the financial markets […]. The ethics Council has determined, therefore, with a view to the identification rules that crypto-currencies are available as ‘other asset classes’. So you need to be reports in the annual financial statements (FD Statements), as well as the year [several times] return Transaction [the Deputy] stated.“

In addition, the Memo refers to the applicable prohibitions such as in the Insider trading securities and non-public ICOs. For questions about crypto-currencies, the members may contact the ethics Council of the Congress, said in the statement.

Since 2012, this drives a hard line against the possibility of disguised interests and hidden assets. The deputies and their families have to make all the shares and assets held in securities accessible to the Public. Members of the German Parliament must, however, lay open all of the income and mandate to distant in addition to income, your personal assets, however, remains private.

The more stringent rules now apply to crypto-currencies, there is yet another reason: according to Current estimates, due to Win with crypto-tax currencies in the United States alone in the amount of 25 billion dollars due. Currently, only 0.04 per cent of investors make their profits in the tax return. Thus, Deputy tax revenues could be withheld.

In the maze of the US regulations

While regulatory clarity in the US currencies these days with a view on Crypto is still on the leaves, calls, currencies of the head of the U.S. office of management and Budget accounting-OMB, Nick Mulvaney, this week, a balanced regulation of Crypto. There is a need for a “Golden middle way” of creating security, market participant, not with over-regulation deterrent. The largest Federal Agency of the United States advises the White house on issues such as Federal politics, administration, legislation, and financial management.

Also, US Treasury Secretary, Steve Mnuchin holds such a step is necessary. In his view, it is necessary to combat the illegal potential of crypto-currencies in international cooperation.

In February, the Cybersecurity had flagged-Representative of the President Rob Joyce, a corresponding hand. So soon there will be no regulation.

While in the White house is hardly a Consensus seems to prevail, the Mnuchin required moves away from a common tax standards internationally.

CFTC & SEC: Security or Commodity?

And also the US authorities is uncertainty, how to evaluate crypto-currencies. While the U.S. securities and exchange Commission CTFC crypto-currencies and their derivatives as a commodity, valued as Commodities, and thus their supervision claims, the securities regulator, the SEC, crypto-currencies only under certain conditions as to regulating securities.

Pure cryptographic as the Bitcoin about, the authority does not want to regulate currencies. The release of new crypto-currencies for capital extraction, however, the value of paper character would have a very good. Thus, under these policies and rules.

It means that both authorities were, however, still in intensive investigation stages as to how and under what circumstances the applicable regulations on crypto-currencies accrue points.

Accordingly, there is currently no single, on the digital payment alternatives-oriented laws and regulations. Thus, the regulation of crypto remains currencies in the United States until further notice, a maze.

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