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Amid the increasing scrutiny over laws and policies related to cryptocurrency over the world, the US has issued an advisory for officials holding digital assets.
Crypto holding officials can affect policies
US Government’s Ethics Chief mentioned that officials holding digital assets will be restricted from guiding President Joe Biden over crypto related policies.
As per the release, any US govt employee holding any amount of crypto or stablecoins as a personal investment is barred from participating in any matter related to it. It added that the employee may know that any particular matter could have a predictable or direct effect on the worth of their holdings.
Earlier, OGE advised that stablecoins and crypto do not match the definition of “publicly traded securities”. This remains the same in the case if they constitute securities for purposes of the Federal securities laws. It added that these digital assets are not “publicly traded securities” thus no de minimis exemption will be applied.
Call for strict laws growing up
This big development has landed amid increased volatility in the global digital assets market. With the rapid increase crypto related activities, the call for strict regulation has also grown. Meanwhile, the Crypto market has shrunk to stand at $921 billion.
