Employees of the American government who work on laws and policies regulating digital assets are not allowed to possess cryptocurrencies.
In response to what is effectively a conflict of interest, the Office of Government Ethics (OGE) of the government has enacted new regulations. Stablecoins are one of several components of the cryptocurrency industry that are covered by the regulation.
“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 reads.
The statement notes that cryptocurrencies and stablecoins are completely excluded from the de minimis exemption, which permits owners of securities to work on policy relevant to their asset if they possess an amount below a specific level.
But if they sell their investments, government workers will be able to work on associated regulations. All federal government organizations, including the Treasury of the United States, the Federal Reserve, and the White House, must comply the rule.
Government personnel are allowed to keep up to $50,000 in mutual funds in businesses operating in or closely related to the cryptocurrency field, which is a remarkable exemption to the general restriction.
In the last 18 months, the United States has increased regulation of the digital assets sector. A number of these changes have taken place in the previous six months as the government works to safeguard investors and stop criminals.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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