End of secrecy for NFTs in the US – This new law changes the game

NFTs will no longer be able to play hide and seek – A US federal agency requires it senior officials to be transparent regarding their possessions non-fungible tokens (NFT).

Raising the veil on NFTs at the highest level

Emory Arthur Rounds IIIdirector ofOffice from Government Ethics of the United States, marks the end of the opacity around the possession of NFT by politicians. In a July 15 legal opinion, it is now imposed senior officials an obligation to clarifications of their investments in non-fungible tokens.

Most NFTs will not be able to escape the cracks created by the numerous provisions contained in the notice. One of them points to it“At the end of the reference period”interested parties are required to be transparent about their NFTs, which are “held for investment or income generation purposes”and whose value is at least equal to $ 1,000.

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Profitable investments under closer scrutiny

The rule applies to both split NFTs and collectibles. She is even more link for investments that have generated excess profit a certain threshold and who then do not benefit from this $ 1,000 margin.

The notice makes it clear that senior officials who have made a profit over $ 200 on their NFTs during the reporting period must reveal their investments, independently the value of their holdings in non-fungible tokens.

Transparency: the personal and family exception

Registrants must therefore expose themselves, or nearly so. The notice obliges them to disclose NFT purchases, sales, and exchanges related to NFT collectibles and uniforms “considered as securities”.

Only NFTs they would be linked to personal property, family oa Houseworksand which would then be used in these frameworks, and not for investment purposes or to generate income, leak to this reporting obligation.

NFTs are now on the radar of the United States Government’s Office of Ethics. The transparency certainly allowsavoid conflicts of hidden interests, as the country’s authorities continue to work on the regulation and legislation of digital assets in general. Furthermore, this obligation to declare can be seen as a logical consequence of the entry into politics of NFTs, with a former promoter of decentralized finance who planned to finance his election campaign with non-fungible tokens.

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