US bars crypto holders from contributing to crypto policies

July 5, US Office of Government Ethics Legal adviser warning It banned civil servants holding crypto assets from working on crypto-related policies.

According to the Advisory Note, the office declared:De minimisThe exemption does not apply to cryptocurrencies and stablecoins.

The tax exemption initially allowed owners of securities below a certain threshold to work on policies that affect the security.

According to legal advisers, the exemption does not apply to digital assets, even if that particular cryptocurrency “consists of securities for the purposes of federal or state securities law.”

This directive applies to all employees of the White House and federal agencies, including the Treasury and the Federal Reserve System.

Under the directive, some government officials who publicly disclosed their crypto holdings and interests will no longer be able to work on crypto policies.

Some of the affected people are White House technical advisors. Tim WuWho Hold Bitcoin (BTC). However, he voluntarily refrained from engaging in cryptographic policies.

Legal advisors provide tax exemptions to federal employees who invest less than $ 50,000 in investment trusts to participate in the handling of cryptocurrencies.

This advisory seems to address the growing influence of Washington’s crypto industry and the popularity of crypto assets as an investment.

The need to regulate the crypto industry has increased significantly due to the significant market downturn.

However, certain groups and people are concerned that the rules governing this sector may be affected by those who bring political and economic benefits to the industry.

Recently, technical experts wrote a US Congress calling on the industry not to succumb to the impact of crypto lobbying and crackdowns.

Government agencies are also tackling conflicts of interest, especially decisions that can affect the market.

February, Federal Open Market Committee publication New rules that prevent senior officials from buying or holding investments

Individual bonds, agency securities, cryptocurrencies, commodities, or foreign currencies. Conclude a derivative contract and sell or buy securities for a short period with margin.

Posted by: USA, Regulations

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