OGE prohibits legislators with cryptocurrencies from participating in its regulation
The Office of Government Ethics (OGE) issued a measure that prohibits legislators who own any type of crypto assets to participate in the laws for crypto assets
The Office of Government Ethics (OGE) issued a measure that prohibits legislators who own any type of crypto assets privately from participating in federal laws and policies” that impact the regulation and valuation of crypto assets.
According to the OGE, cryptocurrencies and stablecoins “are not considered publicly traded securities”; thus owning them “could affect the judgment of those who make decisions” that involve them. However, the Office considers that “a maximum investment threshold could be established to filter the affected officials.”
The document published by the OGE indicates: “An employee who owns any amount of cryptocurrency or stablecoin cannot participate in a particular matter if the employee knows that that particular matter could have a direct and predictable effect on the value of his cryptocurrency or stablecoin.”
Mutual funds are exempt
The measure issued by the OGE impacts all US officials who work in public administration, including those who work in the White House. But employees who invest in mutual funds geared towards companies with exposure to cryptocurrencies are exempt from the ban.
Mutual funds can be considered as equity made up of contributions from natural and legal persons to be invested in publicly offered securities and assets permitted by law and are managed by a corporation at the risk and expense of the participants.
The bureau explained that mutual funds that have a stated purpose of “investing broadly in companies that would benefit from or use blockchain technology are considered diversified funds.”
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