The United States (USA) has signed a new directive on cryptocurrency regulations. Accordingly, regulators holding crypto will no longer be able to take part in regulations related to Bitcoin and altcoins. Here are the details…
New cryptocurrency regulation in the USA
A motion by the United States Office of Government Ethics (OGE) was recently published. The directive concerns government employees who are actively investing in cryptocurrencies. It also includes personnel who are discovered to have any digital assets. Accordingly, people working in government positions in the USA will not be able to participate in the development of rules and policies regarding cryptocurrencies.
“As a result, an employee holding any amount of cryptocurrency cannot participate in regulations in this area. Because the regulations made have a direct effect on these assets. For this reason, the fact that employees participating in the regulations have digital assets can affect their independence.”
Affects those with more than $50,000 in funds
The directive also says that the cryptocurrencies in question represent security for federal or state regulatory requirements. However, he stresses that despite this, this decision will continue to be implemented. However, the United States still allows government officials to buy cryptocurrencies. However, the country is also aware that this will prevent these authorities from contributing to the development of crypto-related regulations. Therefore, the current directive stands out as an important step towards independence of regulation. Additionally, the authorization to participate in regulations will continue to apply to employees with less than $50,000 investment. That is, government employees who invest less than $50,000 in crypto will have the opportunity to serve in crypto regulations.
United States and crypto regulations
The United States continues to regulate the cryptocurrency market. The country is also working on integrating new digital assets into the government system. The above-mentioned directive draws attention as the last of these regulations. cryptocoin.com As we reported, Joe Biden has summarized the entire government approach to regulation for the crypto industry. Accordingly, the country takes a moderate approach towards cryptocurrencies, despite the bans on government employees.
Capital co-founder and CEO Raymound Shu spoke on the matter. Shu supports current legislative initiatives. He also claims that these initiatives have the potential to make the US one of the few Western countries to regulate and embrace the cryptocurrency industry. The new directive comes at a time when the crypto market has dropped below $1 billion and is trying to bounce back above this value. The current state of the market creates pessimistic feelings for many large companies in the space. The new bans have the potential to further push down already low price levels.
