The Digital Chamber of Commerce has urged the US Workplace of Authorities Ethics to rethink prohibiting federal staff from holding crypto.
In a Nov. 13 letter to Performing Director Shelley Finlayson, the blockchain advocacy group proposed that the Ethics Workplace permit federal staff to personal a small, restricted quantity of digital property.
Beneath present rules issued in 2022, federal employees are barred from holding any crypto, together with stablecoins, as a consequence of considerations over potential conflicts of curiosity. These guidelines forestall staff from collaborating in official issues that would impression the worth of their crypto.
Argument for crypto holding
The Digital Chamber argued that permitting restricted crypto possession amongst federal employees wouldn’t create conflicts of curiosity.
As an alternative, it could align with present insurance policies permitting authorities staff to carry different monetary property in restricted quantities. The group contends this method would offer a constant framework for managing potential conflicts.
The Chamber additionally steered extending comparable exemptions to minor crypto holdings would guarantee truthful therapy throughout varied asset lessons. This variation, they imagine, would give staff extra specific tips whereas supporting fairness in moral requirements.
The group emphasised {that a} extra balanced method to digital asset possession would assist federal staff higher perceive the applied sciences they regulate. This is able to, in flip, contribute to a regulatory framework that balances client safety, monetary stability, and technological progress.
Name for stablecoin laws.
This name for coverage reform aligns with the Chamber’s broader advocacy for regulatory readability round stablecoins. The group has not too long ago appealed to lawmakers to prioritize stablecoin laws, citing the rising position of stablecoins in international financial savings and cross-border funds.
The Chamber notes that over 98% of stablecoins in circulation are pegged to the US greenback. So, by supporting USD-backed stablecoins, the US can prolong its greenback dominance, enhance greenback entry in rising markets, and reinforce nationwide safety throughout geopolitical uncertainty.
The group additionally famous US policymakers have a novel likelihood to fortify the greenback’s international place, counter potential dangers from rival fee programs, and solidify the US’s monetary affect on the worldwide stage.