Crypto owners are prohibited from contributing to US Government crypto policies

Crypto owners are prohibited from contributing to US Government crypto policies | best app to buy cryptocurrency

US government officials are no longer permitted to work on legislation and rules that could have an impact on the value of digital assets if they personally hold cryptocurrencies.

According to a recent advisory notice issued by the US Office of Government Ethics (OGE) on Tuesday, cryptocurrencies and stablecoins are completely excluded from the de minimis exemption, which permits owners of securities to work on a relevant policy if they own an amount below a specific level.

The notice emphasized that this decision remains in effect even if the disputed cryptocurrency or stablecoin were ever to qualify as a security for the purposes of federal or state securities laws.

All officials of the federal government, including those in the White House, the Federal Reserve, and the Department of the Treasury, are subject to the new regulation.

The only exception to the OGE's restrictions on cryptocurrency ownership is that decision-makers are permitted to hold up to $50,000 in mutual funds that invest widely in businesses that stand to gain from cryptocurrency and blockchain technology.  This exemption is justified by the fact that they "are considered diverse funds."

With US president Joe Biden declaring a "whole-of-government" approach to regulation concerning the digital asset sector, the United States continues to advance in integrating the cryptocurrency business, despite the restrictions that look strict about employee participation in the sector.

Raymond Shu, the co-founder and CEO of Cabital, claims that current legislative measures might make the United States the only Western nation to completely regulate and embrace stablecoins and other digital assets as legitimate aspects of the financial system.