US Federal Reserve officials banned from owning and trading cryptocurrency
A ban also applies to stocks and bonds
19.02.2022 - 09:45
372
1 min
0
A ban also applies to stocks and bonds.
What’s new? The US Federal Reserve System (Fed) has approved a law that bars senior officials from trading cryptocurrencies as well as stocks and bonds. The law will take effect by May 1, 2022, by which time all officials must dispose of their assets within a year, according to a press release from the Fed.
Who will be affected by the ban? The new restrictions will affect Fed officials, regional bank presidents such as the Boston or St. Louis Fed, staff officers, and bond desk managers. Also, the ban will apply to officials’ immediate family members, spouses, and children. Other Fed employees are expected to be affected by the law in the future.
Why was this law passed? The new rule was created to increase public confidence in the Federal Reserve System. According to the press release, the ban on trading is intended to “support public confidence in the impartiality and integrity of the Committee’s work by guarding against even the appearance of any conflict of interest.”
Useful material?
Market
The commission had previously warned the developer of potential enforcement actions
Apr 29, 2024
Market
Funds can be seized by law enforcers due to links to illegal activity
Apr 26, 2024
Market
Tether Finance division will be responsible for the issuance and redemption of USDT stablecoins
Apr 18, 2024
Trends
The first project introduced on the platform will be BounceBit (BB)
Apr 18, 2024
Business
The rate exchange of the native ACH token reacted with a 10% increase
Apr 18, 2024
Market
Miners are hunting for the first block after halving as the value of the first satoshi could exceed $1 million
Apr 18, 2024