In a letter dated November 13, the Digital Chamber of Commerce formally requested the US government to allow federal employees to own cryptocurrency.
In 2022, the American government barred its employees from acquiring crypto due to fears surrounding potential conflicts of interest.
Conflicts of Interest Restrict Federal Employees’ Access
Under Biden’s administration, the US government issued a policy in 2022 that disallowed federal employees from owning or holding cryptocurrencies. Nearly three years on, the Digital Chamber believes there is hope to overturn the law as Trump sentiment pervades.
Issued to the Office of Government Ethics Acting Director Shelley Finlayson, the letter urged “the reconsideration and rescission of OGE Legal Advisory 22-04,” the legislation that bars federal employees from holding cryptocurrencies, including stablecoins. The chief reason the legality exists is to disallow federal employees from manipulating policies in order to increase the value of their holdings.
“Today, we called on US Office of Government Ethics (OGE) to reconsider their blanket crypto-holding prohibition for federal employees. Allowing de minimis holdings—like other asset classes—would foster more informed regulation while maintaining ethical standards,” the chamber announced on X.
The chamber asked for equitable treatment from the office and encouraged a nuanced position on the ownership of digital assets. The president of the Digital Chamber of Commerce, Cody Carbone, proposed a way to work around the issue:
“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. Such a policy would align with current practices that permit government employees to hold other financial assets in limited quantities, creating a more consistent approach to managing potential conflicts of interest,” Carbone wrote.
The chamber also argued that allowing federal employees to obtain cryptocurrencies would prove advantageous. They believe the move would empower policymakers to understand better the technologies they work to regulate.
Stablecoin Legislation and Dollar Dominance
Moreover, on November 12, the chamber published a report titled “How Stablecoins are Extending US Dollar Dominance: A Policymaker’s Guide to Action.” In what is essentially a call to action targeted at federal employees, the chamber advocates for clearer regulations around stablecoins.
According to the report, over 98% of stablecoins are pegged to the US dollar. Thus, supporting USD-backed stablecoins could strengthen dollar dominance and expand financial inclusion in emerging markets. The Chamber emphasizes that promoting USD-backed stablecoins allows US policymakers to secure the dollar’s global position.
They argue that backing stablecoins also enables the US to counter competing financial systems from other nations, maintaining its dollar’s value.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
