In the United States, crypto owners have been left out of the process of drafting cryptocurrency rules. The U.S. Office of Government Ethics now advises that employees who are crypto owners should not participate in Federal crypto regulation work. The Ethics Watchdog claims that their ownership might impact how these regulations are created.
Crypto owners are banned from working on crypto regulatory policies
United States government officials who have personal investments in cryptocurrencies are not allowed to work on policies and regulations related to cryptocurrencies. This is because their investments could affect the decisions they make. Some government officials with crypto holdings have been accused of being biased when creating laws that affect crypto. They are said to be doing this in order to protect themselves and other crypto owners.
The U.S. Office of Government Ethics (O.G.E.) released a warning notification on Tuesday, including the de minimis exemption for cryptocurrency owners. The exemption allows holders of securities with a value below a certain threshold to work on policy issues pertaining to that security. While that might be true for traditional currencies, it’s not necessarily applicable to cryptocurrencies and stablecoins.
The U.S. Office of Government Ethics (O.G.E.) is issuing this Legal Advisory to address the application of the regulatory exemptions for de minimis holdings of publicly traded securities and mutual funds, found at 5 C.F.R. part 2640, subpart B, to cryptocurrencies, stablecoins, and companies involved in blockchain technology and related services.
ការិយាល័យក្រមសីលធម៌រដ្ឋាភិបាលសហរដ្ឋអាមេរិក
Even if the cryptos in question are securities under the federal or state securities laws,” they are not considered by most courts to be so. The word “de minimis” comes from a longer Latin phrase that means: “the law does not concern itself with small matters.”
This directive applies to all crypto owners who work in the White House. The directive also covers the employees of all federal agencies, including the Federal Reserve and the Treasury Department.
Source: https://www.cryptopolitan.com/crypto-owners-not-to-work-on-crypto-policies/