US Government: Officials must disclose Crypto Holdings

The United States Office of Government Ethics (OGE) claims digital currencies should be declared by politicians in order to avoid conflicts of interest
19 June 2018   1061

This statement applies whether the holdings are described as coins or tokens. The letter affirms that politicians have been seeking guidance from the OGE about what to do about their cryptocurrency, and the office is thus aware that “virtual currencies are experiencing a surge in use and access”. It is also mentioned that the legal framework governing the assets is not yet solidified, and alerts that further guidance will likely need to be published.

The IRS, the country’s tax authority, estimates virtual currency as property, the Commodity Futures Trading Commission consider them as commodities, while the Securities and Exchange Commission is still making their desicion. It recently affirmed that while Ethereum is not a security (that caused the price of that token to jump by nine percent), many are being advanced as investment assets and thus would follow under its jurisdiction. Ripple, a major cryptocurrency firm, is presently facing a lawsuit over exactly this matter.

The OGE approves that it itself does not regard cryptocurrency to be legal tender, but according to the Ethics in Government Act of 1978 government employees must inform about any source of income. Thus, they are now demanded to report crypto holdings if those holdings exceed a value of $1000 and/or bring them $200 in profit during a specified reporting period.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   137

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.