Crypto holding federal employees distanced from regulatory debate

Policymakers in the US who own cryptocurrency privately will not be allowed to make decisions regarding laws and regulations on digital assets.

The news comes from the US Office of Government Ethics (OGE) which released an advisory notice prohibiting officials from weighing in on decisions that may be seen as conflict of interests.

The notice comes as several representatives, senators, and their family members have been purchasing digital assets, despite their unclear status.

“As a result, an employee who holds any amount of a cryptocurrency or stablecoin may not participate in a particular matter if the employee knows that particular matter could have a direct and predictable effect on the value of their cryptocurrency or stablecoins”, the notice read.

The idea is to not entirely limit access to policymaking decisions, but rather to ensure that there is no conflict of interests.

That is why OGE’s notice gave the example of a policymaker who owns $100 of a given stablecoin. Because of this ownership in a stablecoin asset, said policymaker would no longer be eligible to work on any regulation that specifically concerns stablecoins.

The new rule will apply to all government employees, including people in the Department of the Treasury, the Federal Reserve, and the White House.

OGE’s notice however allows policymakers to invest in companies that could benefit from blockchain and cryptocurrency technology.

Presently, the US is working hard to find a way and regulate cryptocurrencies in light of the most recent market crash.

If you want to stay away from cryptocurrencies for investment purposes, you can still use them recreationally at websites such as 1xBit, FortuneJack or Bitcasino.io.

Source

Updated: 07/07/2022 — 09:00