The U.S. Office of Government Ethics (OGE) has issued a notice stating that any officials who own cryptocurrencies cannot participate in the development of industry regulation.
The US already has regulations that prohibit owners of stocks and securities from participating in the creation of regulations regarding the regulation of their respective industries. However, in this case there is a certain threshold, after which the official is prohibited from working on regulation. With cryptocurrencies, the situation is slightly different:
“An employee who owns any number of cryptocurrencies or stablecoins should not be involved in a particular job if he knows that this job has a direct impact on the value of his cryptocurrencies or stablecoins.”
The notice provides an example in which an employee holding only $100 worth of stablecoins was still not allowed to work on industry regulation. The ban is imposed until “the employee renounces ownership of this stablecoin.” The new rules apply to all federal employees, including employees of the White House, the Federal Reserve, and the Treasury Department.
At the same time, there is a small exception to the restrictions – officials can invest in funds that invest in companies that receive income in the field of cryptocurrencies. However, the volume of such investments should not exceed $50,000. The exception is justified by the fact that such investments are “considered as investments in diversified funds”.
Recall that earlier the Belgian regulator proposed regulate cryptocurrencies as securities.
Source: Bits
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