ApeWatcher News
  • Home
  • Advertise
  • Headlines
  • Crypto
    • News
    • Bitcoin
    • Ethereum
    • Altcoin
    • View All
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos
  • Listing Platform
  • BSC
  • ETH
  • Listing Platform
  • BSC
  • ETH
What's Hot

Ethereum-Based Cross-Chain Trading Platform Emerges As New Front Runner in Decentralized App Space: DappRadar

June 4, 2023

Warren’s alleged work with short-seller shows anti-crypto army heating up

June 3, 2023

Sony Web3 Incubator Aims To Accelerate Japan’s Virtual Expanses

June 3, 2023
Twitter Telegram
  • Listing Platform
  • Home
  • BSC
  • ETH
Advertise
Twitter Telegram
ApeWatcher News
  • Headlines
  • Crypto
    1. News
    2. Bitcoin
    3. Ethereum
    4. Altcoin
    5. View All

    Ethereum-Based Cross-Chain Trading Platform Emerges As New Front Runner in Decentralized App Space: DappRadar

    June 4, 2023

    Warren’s alleged work with short-seller shows anti-crypto army heating up

    June 3, 2023

    Gaming-Focused Layer-2 Crypto Project Surges by Over 90% After Announcement of New $80,000,000 Ecosystem Fund

    June 3, 2023

    Blockchain Association Files Another Amicus Brief Supporting Tornado Cash, Says Crypto Mixer Is ‘Simply a Tool’

    June 3, 2023

    BitMEX Founder Arthur Hayes Predicts a Bitcoin Bull Market Ahead, Says To Expect Fireworks – Here’s the Timeline

    June 3, 2023

    The Worst for Bitcoin (BTC) May Not Be Over, According to Bloomberg Analyst Mike McGlone – Here’s Why

    June 2, 2023

    Bitcoin ‘big move’ due in July after March $30K push — latest analysis

    June 2, 2023

    Europe’s right-wing political groups find cause in crypto

    June 2, 2023

    US debt ceiling, declining trust in banks send ETH staking to record highs

    June 2, 2023

    Uniswap DAO rejects plan to charge LP fees; UNI holders cite tax concerns

    June 1, 2023

    Billionaire Mike Novogratz Says One Massive Catalyst Will Send Crypto Off to the Races

    June 1, 2023

    ‘Not just Bitcoin price’ — Dan Tapiero shares tips on navigating the bear market

    June 1, 2023

    Ethereum-Based Cross-Chain Trading Platform Emerges As New Front Runner in Decentralized App Space: DappRadar

    June 4, 2023

    Gaming-Focused Layer-2 Crypto Project Surges by Over 90% After Announcement of New $80,000,000 Ecosystem Fund

    June 3, 2023

    Analytics Firm Santiment Says Bitcoin To Catch Up With Rallying Stocks, Updates Outlook on XRP and Litecoin

    June 3, 2023

    Under-the-Radar Ethereum (ETH) Competitor Pumps by 50% This Week Amid New AI Partnership

    June 3, 2023

    Ethereum-Based Cross-Chain Trading Platform Emerges As New Front Runner in Decentralized App Space: DappRadar

    June 4, 2023

    Warren’s alleged work with short-seller shows anti-crypto army heating up

    June 3, 2023

    Sony Web3 Incubator Aims To Accelerate Japan’s Virtual Expanses

    June 3, 2023

    Musk’s alleged price manipulation, the Satoshi AI chatbot and more

    June 3, 2023
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos

    Tether PUMPING BTC!? Why Stablecoin Market Cap Matters!!

    June 3, 2023

    Gensler Raises Army Of Minions In Crypto! #shorts #youtubehorts #crypto

    June 2, 2023

    Bitcoin 4 Year Cycle UPDATE!

    June 2, 2023

    CNBC Host STUNNED 🤯 After Billionaire’s Bitcoin Prediction

    June 1, 2023

    It Is OK To Take Profits! ($BEN Will Go Up And Down)

    June 1, 2023
  • jeet-detector-botJDB(JDB)
    $0.00-0.61% 24H
    JDB
    24H : -0.61%
    Volume : $0.00
    Marketcap : $0.00
  • bitcoinBitcoin(BTC)
    $0.00-1.46% 24H
    BITCOIN
    24H : -1.46%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.00-1.03% 24H
    ETHEREUM
    24H : -1.03%
    Volume : $0.00
    Marketcap : $0.00
  • usdex-stablecoinUSDEX(USDEX)
    $0.00-0.47% 24H
    USDEX
    24H : -0.47%
    Volume : $0.00
    Marketcap : $0.00
  • tetherTether(USDT)
    $0.00-0.15% 24H
    TETHER
    24H : -0.15%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.00-1.30% 24H
    BNB
    24H : -1.30%
    Volume : $0.00
    Marketcap : $0.00
  • usd-coinUSD Coin(USDC)
    $0.00-0.12% 24H
    USD COIN
    24H : -0.12%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.00-3.25% 24H
    XRP
    24H : -3.25%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.00-1.87% 24H
    CARDANO
    24H : -1.87%
    Volume : $0.00
    Marketcap : $0.00
  • staked-etherLido Staked Ether(STETH)
    $0.00-0.98% 24H
    LIDO STAKED ETHER
    24H : -0.98%
    Volume : $0.00
    Marketcap : $0.00
  • jeet-detector-botJDB(JDB)
    $0.00-0.61% 24H
    JDB
    24H : -0.61%
    Volume : $0.00
    Marketcap : $0.00
  • bitcoinBitcoin(BTC)
    $0.00-1.46% 24H
    BITCOIN
    24H : -1.46%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.00-1.03% 24H
    ETHEREUM
    24H : -1.03%
    Volume : $0.00
    Marketcap : $0.00
  • usdex-stablecoinUSDEX(USDEX)
    $0.00-0.47% 24H
    USDEX
    24H : -0.47%
    Volume : $0.00
    Marketcap : $0.00
  • tetherTether(USDT)
    $0.00-0.15% 24H
    TETHER
    24H : -0.15%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.00-1.30% 24H
    BNB
    24H : -1.30%
    Volume : $0.00
    Marketcap : $0.00
  • usd-coinUSD Coin(USDC)
    $0.00-0.12% 24H
    USD COIN
    24H : -0.12%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.00-3.25% 24H
    XRP
    24H : -3.25%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.00-1.87% 24H
    CARDANO
    24H : -1.87%
    Volume : $0.00
    Marketcap : $0.00
  • staked-etherLido Staked Ether(STETH)
    $0.00-0.98% 24H
    LIDO STAKED ETHER
    24H : -0.98%
    Volume : $0.00
    Marketcap : $0.00
ApeWatcher News
Home » Art or Investment? The US Government’s New Policy on NFTs
NFT

Art or Investment? The US Government’s New Policy on NFTs

NFT NowBy NFT NowJuly 21, 20220 ViewsNo Comments
Share
Facebook Twitter LinkedIn Pinterest Email

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.

Ultimately, this new guidance raises important questions about whether NFTs are viewed as art or investments by the US government.

New rules for Web3

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 “asset class” that US politicians need to include in these yearly statements.

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’s threshold, they need to include it in their yearly financial statement.

“Public financial disclosure filers must disclose ownership of collectible NFTs and F-NFTs when those assets are held for investment or production of income,” the legal advisory stated.

However, as noted, there is a threshold. Not all NFTs need to be declared.

NFTs: Investment or art?

According to the OGE’s legal advisory, any NFT held as an investment worth over $1,000 must be publicly declared as part of a politician’s set of assets. In addition to this, any NFT that has produced income over $200 needs to be declared in the annual report as well, even if the actual value of the NFT falls short of $1000.

In the notice, the OGE also made it clear that they’re not going to give government officials much wiggle room when it comes to whether an NFT was purchased as art or purchased as an investment. Ultimately, the advisory states it is a “factual question.” And how do they answer this factual question?

According to the notice, should an NFT be purchased for its aesthetic value and put up for display in a government official’s “home, office, or virtual property,” then it is considered virtual art and doesn’t need to be reported.

The guidance reads:

“Employee purchases a limited edition NFT of the artist Leandra Garcia’s Paper Moon. The original Paper Moon is a pastel drawing by Garcia. Garcia offers the original drawing, limited run lithograph prints, and limited run NFTs for sale on her website. Employee purchased the NFT from Garcia for $1,100. Employee intends to display the drawing at home and at work using an NFT digital display frame. Employee purchased the NFT solely because Employee enjoys Garcia’s artwork. Employee has no plans to sell the NFT. Under the circumstances, Employee is not holding the NFT for investment or production of income and therefore need not report ownership on their annual financial disclosure report.”

However, things change if the NFT is ever sold. “For example, an employee who purchased an NFT artwork for display in the employee’s home but later decided to sell it would be required to report the NFT as a source of income if the sale resulted in more than $200 in income,” the notice says. In other words, if it is ever sold for a profit over $200, it’s no longer considered art.

The OGE also encourages ethics officials reviewing these documents to do their own diligence, advising them to look into a politician’s NFT transaction history should disputes on the nature of their purchases arise.

Read the full article here

Follow us on Google News to get the latest Updates

 
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Sony Web3 Incubator Aims To Accelerate Japan’s Virtual Expanses

June 3, 2023

Musk’s alleged price manipulation, the Satoshi AI chatbot and more

June 3, 2023

Watch This Bored Ape On The Movie Screen!

June 3, 2023

How to Use Midjourney to Create Amazing AI Art

June 3, 2023

Andre Oshea Thinks ‘We’re Not Giving Our Best Selves to Each Other’ in Web3

June 2, 2023

Wear Your Chromie Squiggles on Your Sleeve

June 2, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Articles

Ethereum-Based Cross-Chain Trading Platform Emerges As New Front Runner in Decentralized App Space: DappRadar

June 4, 2023

Warren’s alleged work with short-seller shows anti-crypto army heating up

June 3, 2023

Sony Web3 Incubator Aims To Accelerate Japan’s Virtual Expanses

June 3, 2023
ApeWatcher News
Twitter Telegram
  • Privacy Policy
  • Sources
  • Terms and Conditions
  • Contact
  • Advertise
© 2023 Ape Watcher News

Type above and press Enter to search. Press Esc to cancel.