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The US House of Representatives Committee on Ethics has released a memorandum declaring that members of the House of Representatives must disclose any cryptocurrency holdings that exceed $1,000.

The same day the Office of Government Ethics released similar guidance[1] for executive branch employees, the US House of Representatives Committee on Ethics issued a memorandum[2] advising reps and staff members that cryptocurrency holdings valued at more than $1,000 must be included in their annual financial disclosure statements and on periodic transaction reports (PTRs) throughout the year.

The memorandum also states that the committee has decided to classify cryptocurrencies as "other forms of securities."

However, the document acknowledges the somewhat patchwork approach to classifying cryptocurrencies, listing various other regulatory agencies that categorize and regulate in accordance to each agency's jurisdiction:

"The U.S. Commodity Futures Trading Commission (CFTC) has determined that it can regulate cryptocurrencies as commodities. The Securities and Exchange Commission (SEC) has indicated that for certain purposes, cryptocurrencies may be regulated as securities … The Internal Revenue Service (IRS) has advised that for federal tax purposes, it will treat cryptocurrencies as property."

The directive, written by committee chair Susan Brooks and ranking member Theodore Deutch, is likely a response to a request from Representative Jared Polis of Colorado. In February 2018, Polis wrote a letter[3] (incorrectly dated 2017, but in fact[4] released this year) to Brooks and Deutch requesting the House Ethics Committee look into possible conflicts of interest that government officials may have when it comes to virtual currency. He wrote[5]:

"It is critical that the House Ethics Committee provide additional guidance to Members of Congress and staff enabling them to accurately disclose and classify virtual currency holdings ... The committee should look

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