Law Decoded, July 4–11: Access denied for crypto-owning policymakers
2022.07.12 23:36
Law Decoded, July 4–11: Access denied for crypto-owning policymakers
It’s been a century or so since the property qualification came out of vogue, but it doesn’t seem a problem if you want to apply it to crypto and policymaking. An advisory notice released by the United States Office of Government Ethics last week states that the de minimis exemption — which allows for the owners of securities who hold an amount below a certain threshold to work on policy related to that security — is universally inapplicable when it comes to cryptocurrencies and stablecoins.
As the note specifies, even holding a mere $100 of a certain stablecoin should prevent a civil servant from participating in drafting regulation “until and unless they divest their interests in [that] stablecoin.” Stablecoins are not an exception — the same goes for any kind of cryptocurrency.
