A new notice from the U.S. Office of Government Ethics (OGE) prohibits any federal government employee who owns cryptocurrency from working on federal crypto regulation. This includes employees at The White House, The Federal Reserve, and The Department of the Treasury.
This begs the questions: Why aren’t employees who own U.S. dollars prohibited from working on federal monetary policy, or employees who pay taxes prohibited from working on federal tax policies?
This legal advisory ensures that everyone working on crypto regulation will have no experience with crypto – and, if they do have experience, it will be in the past. They will not have up-to-date knowledge about trading, buying, or selling. They will not have any understanding of the workflow and process. They will have zero knowledge about the evolution of the associated technologies, why they are needed, what they do, or how they work. In short, they won’t know anything real or practical about how the policies they concoct will ultimately impact the industry they have been tasked to regulate.
Someone in Washington D.C. thought this was a great idea, and now it’s a regulation. Going forward, when you say that U.S. crypto and Web3 policy makers are “clueless,” you will be absolutely right.
Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.