U.S. Officials Who Own Crypto Assets Will Not Be Able to Work On Crypto Regulatory Laws
U.S. officials will no longer be able to work on bills or other regulations to regulate the crypto industry.
The corresponding decision was made by the US Office of Public Ethics (OGE).
According to the notice, regardless of the amount of cryptocurrency or stablecoins available, the official will not be able to participate in the development of regulatory decisions, since in this way he can exert direct or indirect influence in his interests.
For example, an official who has invested $100 in a stablecoin or cryptocurrency cannot agree to participate in the development of rules. But if they get rid of these assets, the restrictions will be lifted. The same rule applies if the crypto asset is treated as a security in the context of federal or state laws.
The OGE regulation applies to all employees of the federal government, including officials of the White House, the Federal Reserve System (FRS), or the Treasury Department.
But not everything is so strict, there is an exception. According to the document, politicians can hold up to $50,000 in mutual funds investing in companies focused on digital assets and blockchain.