Senior government officials must disclose their NFT investments under a legal advisory issued by the Office of Government Ethics (OGE). In addition to NFTs linked to “property” such as real estate, senior government officials are required to disclose NFTs worth more than $1,000.
United States Office of Government Ethics (OGE) requires all NFT investments worth $1,000 or more to be reported. In its latest advisory, the OGE refers to NFTs held for investment or profit. Additionally, if these senior US government officials earn $200 or more from NFTs, they must inform the federal agency.
“Public financial disclosure filers must also disclose purchases, sales, and exchanges of collectible NFTs and F-NFTs that qualify as securities,” says the legal advisory. In some cases, the line between personal and profitable NFTs is unclear. The USOGE previously reported that personal assets and their corresponding NFTs do not have to be reported.
Seven questions
In order to help senior US government officials identify which NFTs to report, the OGE included seven questions. NFT investments must be disclosed using OGE Form 278e. In addition to the form, they must publish details such as the value and income of the NFTs
Despite some sectors’ embrace of NFTs, others are still hesitant. The New York Court approved the use of NFTs for delivering legal documents in June.
Meanwhile, Congressman Brad Sherman called for the SEC to aggressively pursue securities cases against cryptocurrency exchanges. There is no doubt that politicians and government agencies are still trying to figure out how crypto and NFT investments will affect conventional financial and banking systems.