The Digital Chamber Asks US to Let Federal Workers Own Crypto

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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November 14, 2024

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The Digital Chamber of Commerce has called on the US Office of Government Ethics to revisit its 2022 regulation prohibiting federal employees from owning cryptocurrency.

In a letter dated November 13 to Acting Director Shelley Finlayson, the blockchain advocacy organization urged the Ethics Office to permit federal workers to hold small amounts of digital assets, including stablecoins.

“We propose that the OGE consider a policy adjustment that permits agency staff to hold a de minimis amount of cryptocurrency—limited to a threshold that poses no risk of conflict of interest,” the letter reads.

Federal Employees Are Banned From Owning Crypto

Currently, federal employees are barred from owning any crypto due to concerns about potential conflicts of interest.

These restrictions aim to prevent employees from influencing policies that could affect the value of their holdings.

However, the Digital Chamber argues that allowing limited crypto ownership would align with existing rules that permit restricted investments in other financial assets.

The Chamber emphasized that minor crypto holdings would not compromise ethical standards.

Instead, such a policy would provide employees with clearer guidelines and ensure fair treatment of digital assets alongside traditional investments.

The group further argued that allowing federal workers to own crypto would help them better understand blockchain technologies, enabling them to contribute more effectively to policymaking that balances innovation, financial stability, and consumer protection.

“A nuanced stance on digital asset ownership would empower agency staff to better understand the technologies they regulate, contributing to a regulatory framework that balances consumer protection, financial stability, and technological advancement.”

The proposal comes shortly after the Chamber asked lawmakers to prioritize stablecoin legislation, emphasizing their growing role in global finance.

Over 98% of stablecoins are pegged to the US dollar, and the Chamber believes supporting USD-backed stablecoins could enhance dollar dominance, extend financial inclusion in emerging markets, and bolster national security amid geopolitical tensions.

The Chamber also highlighted the unique opportunity for US policymakers to strengthen the dollar’s position globally.

By promoting USD-backed stablecoins, the US could counter the influence of rival payment systems and reinforce its financial leadership on the international stage.

Bitcoin Hits New ATH Above $93,000

The request from the Chamber comes as Bitcoin reached a new all-time high on Wednesday, surpassing $93,000, driven by favorable market conditions and increased institutional interest.

The recent election of President Donald Trump, who has expressed support for cryptocurrency, has bolstered investor confidence.

The surge has also positively impacted related assets, with Bitcoin ETFs experiencing significant inflows.

Further strengthening market sentiment, Michael Saylor’s MicroStrategy has bolstered its position as the largest corporate holder of Bitcoin with a new purchase of 27,200 BTC.

As reported, the acquisition, valued at $2.03 billion, was made between October 31 and November 10, 2024, at an average price of $74,463 per coin, including fees.