US government officials who privately own cryptocurrencies have recently been banned from engaging in regulations and policies that could affect the value of digital assets.
A new advisory notice released Tuesday by the U.S. Office of Government Ethics (OGE) says the de minimis exemption – which allows owners of securities that hold an amount below a certain threshold to work on policies relating to that particular security. – is universally applicable when it comes to cryptocurrencies and stablecoins.
“Consequently, an employee who holds any amount of cryptocurrency or stablecoin cannot participate in a particular issue if he knows that particular issue could have a direct and predictable effect on the value of the cryptocurrency or stablecoin held.”
The notice also provided an example scenario, where an employee who owns only $ 100 of a certain stablecoin is asked to work on stablecoin regulation – the employee in question cannot participate in regulation. “until and unless it sells its interests in [quella] stablecoins”.
The notice specifies that this ruling also applies if the cryptocurrency or stablecoin in question ever should “constitute [un titolo] for purposes of federal or state securities laws. “
The new ruling applies universally to all federal government employees, including the White House, the Federal Reserve and the Treasury Department.
The term “de minimis” comes from a more extended Latin phrase, which means: “the law does not deal with trifles”.
The only exemption from the OGE crackdown on holding cryptocurrencies is that policy makers are allowed to hold up to $ 50,000 in mutual funds that invest extensively in companies that could benefit from crypto and blockchain technology. The reason for this exemption is that “they are considered to be diversified funds”.
Despite the seemingly strict rules regarding employee investment in the cryptocurrency industry, the US continues its integration of the cryptocurrency industry, with US President Joe Biden announcing a broadly cooperative approach to regulating the digital asset sector. .
According to Raymond Shu, co-founder and CEO of Cabital, the recent legislative proposals could make the United States one of the first Western countries to regulate and accept stablecoins and other digital assets as integral parts of the financial system.
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