Digital Chamber urges US government to allow small crypto holdings for employees

The Digital Chamber of Commerce has urged the US Workplace of Authorities Ethics to rethink prohibiting federal workers from holding crypto.

In a Nov. 13 letter to Appearing Director Shelley Finlayson, the blockchain advocacy group proposed that the Ethics Workplace enable federal workers to personal a small, restricted quantity of digital property.

Below present rules issued in 2022, federal employees are barred from holding any crypto, together with stablecoins, attributable to considerations over potential conflicts of curiosity. These guidelines forestall workers from taking part in official issues that would influence 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 a substitute, it will align with present insurance policies permitting authorities workers to carry different monetary property in restricted quantities. The group contends this strategy would supply a constant framework for managing potential conflicts.

The Chamber additionally steered extending related exemptions to minor crypto holdings would guarantee honest therapy throughout varied asset lessons. This transformation, they consider, would give workers extra express pointers whereas supporting fairness in moral requirements.

The group emphasised {that a} extra balanced strategy to digital asset possession would assist federal workers 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 lately appealed to lawmakers to prioritize stablecoin laws, citing the rising function of stablecoins in world 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 lengthen 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 world place, counter potential dangers from rival fee methods, and solidify the US’s monetary affect on the worldwide stage.