The Digital Chamber has called on the Office of Government Ethics to reconsider the ban on crypto holdings for federal agency staff.
Letter to the Office of Government Ethics
On November 13, the Digital Chamber sent a letter to the Office of Government Ethics (OGE), expressing concerns about the potential negative impact of the existing crypto asset ownership ban on US regulatory decision-making. The organization suggested allowing federal agency staff to hold a minimum amount of cryptocurrency to improve their understanding of the industry.
Justification for Equitable Approach
The Digital Chamber argues that permitting minimal crypto holdings would not pose conflicts of interest for policymakers and aligns with current practices that allow federal employees to hold other financial assets in limited amounts. This would ensure consistency and equitable treatment for all financial products.
Impact of GOP Control on Stablecoin Legislation
Following the 2024 elections, Republicans have maintained their majority in the House of Representatives, enabling them to continue leading the Financial Services Committee. However, current chair Patrick McHenry plans to retire in January 2025. McHenry has supported bills on regulating stablecoins and the crypto industry. Potential replacements, such as Reps. French Hill, Andy Barr, Frank Lucas, and Bill Huizenga, are also pro-crypto. The Digital Chamber released a report urging the speedy adoption of the stablecoin bill to maintain the US dollar's dominance.
The Digital Chamber continues to advocate for the reassessment of crypto holdings restrictions for federal employees and calls for the adoption of the stablecoin bill.
