{"id":12352,"date":"2022-07-21T18:23:20","date_gmt":"2022-07-21T18:23:20","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/art-or-investment-the-us-governments-new-policy-on-nfts\/"},"modified":"2022-07-21T18:23:24","modified_gmt":"2022-07-21T18:23:24","slug":"art-or-investment-the-us-governments-new-policy-on-nfts","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/art-or-investment-the-us-governments-new-policy-on-nfts\/","title":{"rendered":"Art or Investment? The US Government’s New Policy on NFTs"},"content":{"rendered":"
The United States Office of Government Ethics (OGE) has issued new guidance regarding non-fungible tokens (NFTs). In a legal advisory issued earlier this week, the OGE expanded its initiative aimed at preventing conflicts of interest in the highest levels of the US government. The new requirement? Senior officials must disclose the NFTs they own.<\/p>\n
Ultimately, this new guidance raises important questions about whether NFTs are viewed as art or investments by the US government. <\/p>\n
Every year, US politicians need to file statements containing details about their personal finances. These documents are declared to the public and made accessible for any citizen to view. The recent legal advisory from the OGE adds NFTs as one new \u201casset class\u201d that US politicians need to include in these yearly statements. <\/p>\n
The new guidance also noted that individuals will need to disclose their ownership of fractionalized NFTs (F-NFTs). In other words, if a government official wants to cling onto even just a fraction of a Bored Ape or CryptoPunk NFT that exceeds the OGE\u2019s threshold, they need to include it in their yearly financial statement.<\/p>\n
\u201cPublic financial disclosure filers must disclose ownership of collectible NFTs and F-NFTs when those assets are held for investment or production of income,\u201d the legal advisory stated. <\/p>\n
However, as noted, there is a threshold. Not all NFTs need to be declared. <\/p>\n