The US Digital Chamber has proposed making changes to current regulations to allow the holding of cryptocurrencies for federal employees.
The organization recently submitted a letter to the U.S. Office of Government Ethics, making a groundbreaking proposal that could revolutionize the way federal employees manage their investments.
In the letter, the Digital Chamber requested consideration of a change in the general ban on the holding of cryptocurrencies by public employees and officials.
According to the Chamber, the country should facilitate access to these innovative technologies, and promote a better understanding and use of cryptocurrencies and stablecoins, if it wants to become the crypto capital of the world.
Federal employees should be able to access cryptocurrencies
The Digital Chamber has stressed that the holding of a limited amount of cryptocurrencies by federal employees would not create any conflict of interest. On the contrary, it notes that this could provide legislators and officials with a clearer view on these digital assets, allowing them to make more informed and equitable decisions.
By adopting this approach, the Digital Chamber seeks to foster equitable treatment towards cryptocurrencies, which have gained ground as legitimate financial instruments in the global market.
“We propose that the OGE consider a policy adjustment that would allow agency staff to hold a minimum amount of cryptocurrency, limited to a threshold that does not pose a risk of conflicts of interest.”, the organization noted, while highlighting that this holding of crypto assets by federal employees could significantly contribute to the nation's plans to lead in cryptocurrencies under the new administration of Donald Trump.
“A more nuanced stance on digital asset ownership would allow agency staff to better understand the technologies they regulate, contributing to a regulatory framework that balances consumer protection, financial stability, and technological advancement,” The organization continued saying in the letter.
The Digital Chamber advocates for the inclusion of cryptocurrencies
In addition to calling for the importance of cryptocurrency ownership by federal employees, the organization also seeks to encourage the use of cryptocurrencies and stablecoins as tools for financial inclusion, especially in communities that have traditionally had limited access to financial services.
In recent statements given in an interview on Fox Business, its founder and CEO, Perianne Boring, manifested that cryptocurrencies can open up new opportunities for those who are currently excluded from the traditional financial system. Specifically, he referred to stablecoins as “a tool for financial inclusion,” which can not only improve accessibility to the blockchain financial ecosystem, but could also be “a tool to strengthen the US dollar” and “preserve that status as the world’s reserve currency for the next generation.”
Meanwhile, the Digital Chamber is encouraging states, like New York, to lead the way in cryptocurrency innovation.
New York could be at the forefront of digital innovation
Another recent letter sent to New York Governor Kathleen Courtney Hochul’s office underscores the importance of establishing the state’s Cryptocurrency and Blockchain Study Task Force to position itself at the forefront of digital asset innovation.
The organization hopes that New York will lead digital innovation and become an example to follow in the adoption of blockchain technologies and cryptoassets.
New York has historically been a key financial center, and strengthening its role in the cryptocurrency space could have significant repercussions at both the state and national levels. As such, the organization’s recent moves could help the state position itself as a leader in developing cryptocurrency-related regulations and policies, in addition to the famous BitLicense.
According to the letter, if the governor signs regulation S8136A and establishes the Task Force, she could focus on studying best practices and developing policies that encourage responsible use of cryptocurrencies. This would not only benefit local investors, but could also attract startups and developers to the state, creating a robust ecosystem for technological growth.
In short, the Digital Chamber is taking significant steps towards integrating cryptocurrencies and blockchain into the US public sector, fostering dialogue and encouraging states like New York to become a role model for others interested in integrating cryptocurrencies into the existing regulatory framework. All of this, with the aim of contributing to the overall development of the crypto sector and ensuring the technological leadership of the United States.
