Fed Bans Senior Officials From Cryptocurrency Investing
The Federal Reserve has banned its senior officials from investing in cryptocurrency. “Officials covered by the new rules will have 12 months from the effective date of the rules to dispose of all impermissible holdings,” said the Federal Open Market Committee. Senior Federal Reserve Officials Prohibited From Investing in Cryptocurrency The Federal Open Market Committee (FOMC) announced Friday that it has “unanimously formally adopted comprehensive new rules for the investment and trading activity of senior officials.” The FOMC is a....
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The new rules extended the ban first announced in October to include bitcoin and cryptocurrencies.
The rules were intended to “support public confidence ... by guarding against even the appearance of any conflict of interest.” The Federal Open Market Committee, or FOMC, has approved rules that would ban senior officials at the Federal Reserve from purchasing and holding cryptocurrencies and other investments.In a Friday announcement, the FOMC said that starting on May 1, senior Federal Reserve officials already working at the agency would have one year to “dispose of all impermissible holdings,” while new officials would have six months to do so. The new rules specify that Fed senior....
The combined forces of passionate communities with potent tools, and the deepening involvement of institutions, make successful bans less likely.
Two of the world’s ten most populous countries have or are considering crypto bans: Here’s what it means.