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U.S. Ethics Office: Federal Employees Are Banned From Drafting Crypto Policy if Invested

CoinDesk | Cheyenne Ligon | Jul 6, 2022

U.S. office of ethics - U.S. Ethics Office:  Federal Employees Are Banned From Drafting Crypto Policy if InvestedA new legal advisory notice from the Office of Government Ethics disallows federal workers who own crypto from working on policies that could influence the value of their digital assets.

U.S. officials who are personally invested in cryptocurrencies are now disqualified from working on crypto-related policy and regulation that could affect the value of their assets.

A legal advisory notice issued by the U.S. Office of Government Ethics (OGE) on Tuesday declared that the de minimis exemption – which, when applied to a security, would allow the owner of an amount below a certain threshold to work on policy related to that security – doesn’t apply to any cryptocurrency or stablecoin, even if the cryptocurrencies in question “constitute securities for purposes of the federal or state securities laws.”

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The directive applies to all White House staff and the employees of all federal agencies, including the Federal Reserve and Treasury Department.

The directive will likely have a significant impact on some White House staffers who have been open about their crypto investments, like Tim Wu, a technology adviser to the Biden administration who holds millions of dollars in bitcoin. Wu has already voluntarily recused himself from working on crypto policy.


NCFA Jan 2018 resize - U.S. Ethics Office:  Federal Employees Are Banned From Drafting Crypto Policy if InvestedThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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