Access denied for politicians who own crypto
It’s been a century or so since real estate qualification went out of fashion, but it does not seem like a problem if you want to use it for crypto and policy making. An advisory notice issued by the United States Office of Government Ethics last week states that the de minimis exception – which allows holders of securities that have an amount below a certain threshold to work on policies related to that security – is universally useless when it comes to cryptocurrencies and stablecoins.
As the note specifies, even holding only $ 100 of a certain stablecoin should prevent an official from participating in the formulation of regulation “even if they relinquish their interests in [that] stablecoin. » Stablecoins are no exception – the same goes for any type of cryptocurrency.
The only exception will be given to decision makers who have up to $ 50,000 in mutual funds that invest broadly in companies that will benefit from crypto and blockchain technology. The reason for this exception is that they are “considered as diversified funds.”
Intercontinental joint action on Terra
South Korea and the United States have reportedly agreed to share their latest investigative data on Terra, the $ 40 billion ecosystem crash under investigation in both countries. Although the joint action between Terra’s original jurisdiction and the country with the largest crypto market comes as no surprise, cooperation between the two nations would be the first of its kind, but probably not the last.
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No USDT for wages in China
Apparently, some Chinese companies have used Tether (USDT) stablecoin for pay amid the harsh crypto ban from the country’s government. Beijing’s Chaoyang District People’s Court even had to rule that stable coins such as the USDT could not be used for wage payments. The ruling came as part of a lawsuit involving an employee of a local blockchain company who sued his employer for failing to agree to pay his yuan salary.
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An emigration of pro-crypto financial regulators in the UK
Last week, there was another great uproar in British politics with a number of high-ranking officials withdrawing in a sign of protest against Prime Minister Boris Johnson, who in turn has confirmed his resignation, albeit with a planned postponement. While in recent years it has become almost a tradition for conservative prime ministers to step down, the scandal could affect the crypto-regulatory climate in the country – the former economic secretary to finance minister John Glen and former finance minister to Britain Rishi Sunak were quite friendly with crypto. But all hope is not lost, as Sunak expressed his intention to pursue the post of Prime Minister.
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