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Home News Cryptocurrencies Regulation

Federal Reserve Officials Banned From Trading Crypto

by The Distributed Team
February 20, 2022
in Regulation
Federal Reserve Officials Banned From Trading Crypto

The Federal Reserve has put new rules in place on its staff. They will not be allowed to trade a group of assets including stocks, bonds, and cryptocurrencies.

The rules “aim 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,” according to a statement made by the federal reserve on February 18th, along with “upholding the highest standards of ethical conduct,”.

The rules are to take effect on the 1st of May this year. Regional presidents Eric Rosengren of Boston and Robert Kaplan have already left their positions following the controversy.

Under the new regulations, officials still holding market positions will still have 12 months to clear their prohibited positions. While new Federal officials will have only six months.

Prohibited positions include treasury bonds and notes, agency securities, cryptocurrencies, commodities, or foreign currencies.[1]https://www.federalreserve.gov/monetarypolicy/files/FOMC_InvestmentPolicy.pdf

Additionally, senior Federal Reserve officials will be required to provide 45 days’ non-retractable notice for purchases and sales of securities, obtain prior approval for such transactions, and hold investments for at least one year. Purchases and sales also will be prohibited during periods of heightened financial market stress.[2]https://www.federalreserve.gov/newsevents/pressreleases/monetary20220218a.htm

References[+]

References
↑1 https://www.federalreserve.gov/monetarypolicy/files/FOMC_InvestmentPolicy.pdf
↑2 https://www.federalreserve.gov/newsevents/pressreleases/monetary20220218a.htm
Tags: CryptocurrenciesFederal ReserveRegulation

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