US Government bans Crypto owners from working on US Crypto regulations!

07 July 2022 Internet, IT & e-Discovery Blog Blog
Author(s): Peter Vogel

CoinTelegraph.com reported that “A new legal advisory notice from the US Office of Government Ethics prohibits any employee who owns cryptocurrency from working on Federal crypto regulation.”  The July 7, 2022 article entitled “Crypto owners banned from working on US Government crypto policies” included these comments:

A new advisory notice released by the US Office of Government Ethics (OGE) on Tuesday stated that the de minimis exemption — which allows for the owners of securities who hold an amount below a certain threshold to work on policy related to that security — is universally inapplicable when it comes to cryptocurrencies and stablecoins.

The notice provided an example scenario whereby an employee who owns a mere $100 of a certain stablecoin, is asked to work on stablecoin regulation — the employee in question cannot participate in work concerning regulation “until and unless they divest their interests in [that] stablecoin.”

The notice specified that this ruling still applies even if the cryptocurrency or stablecoin in question were to ever “constitute [a security] for purposes of the federal or state securities laws.”

This actually makes a lot of sense, don’t you think?

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