ledgernoise.com
Daily Crypto News

Ethics Watchdog Bars US Government Employees From Writing Crypto Policy if Invested


U.S. officials who are personally invested in cryptocurrencies are now disqualified from working on crypto-related policy and regulation that could affect the value of their assets.

A legal advisory notice issued by the U.S. Office of Government Ethics (OGE) on Tuesday declared that the de minimis exemption – which, when applied to a security, would allow the owner of an amount below a certain threshold to work on policy related to that security – doesn’t apply to any cryptocurrency or stablecoin, even if the cryptocurrencies in question “constitute securities for purposes of the federal or state securities laws.”

The directive applies to all White House staff and the employees of all federal agencies, including the Federal Reserve and Treasury Department.

The directive will likely have a significant impact on some White House staffers who have been open about their crypto investments, like Tim Wu, a technology adviser to the Biden administration who holds millions of dollars in bitcoin. Wu has already voluntarily recused himself from working on crypto policy.

Federal employees who have invested less than $50,000 in a mutual fund with exposure to the crypto sector will still be allowed to work on crypto-related policies.



Read More: Ethics Watchdog Bars US Government Employees From Writing Crypto Policy if Invested

Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.