Crypto owners banned from contributing to work on digital asset policies

Government officials who privately own crypto have been barred from working on regulations.

American officials who own crypto for private use are now banned from contributing to work on digital asset policies that could affect the value of cryptocurrencies, with the notice being released by the US Office of Government ethics (OGE). The ruling applies to all officials, including federal employees that work in The White House, The Federal reserve and the Department of the Treasury. 

The notice however did provide a scenario according to which an official owning, for example, $100 of a certain stablecoin, is asked to participate in its regulation: he or she would have to divest their interest in that stablecoin before being able to actively participate in the policy-building process. 

Despite this ruling, the United States is moving forward with regulations for cryptocurrencies after President Biden signed an executive order pertaining to that, and announcing a “whole-of-government” approach to regulation concerning the digital asset sector. These are moves that could, plausibly, make the US the only Western country to fully regulate and accept crypto assets as official parts of the financial system.