Crypto Holders No Longer Allowed To Work On Regulatory Policies In The U.S

The United States Office of Government Ethics announced that Executive Branch employees who own cryptocurrency assets would be barred from working on any crypto-related regulations going forward. Naturally, this sparked some heated discussions across numerous channels, all of which examined the pros and cons of this decision as well as the broader debate pertaining to the ethics and economic conflicts of interest in general.

If you hold crypto, you&rsquore out of luck

One of the biggest complaints that the cryptocurrency community has had against the new policies made by the Executive Branch of the U.S government is that anyone who owns cryptocurrencies would not be allowed to take part in the writing and decision making of policies pertaining to crypto and blockchain. For example, if there is a regulation which states that all stablecoins (BUSD, USDC, USDT, etc.) are to be backed by the United States Dollar (USD), then anyone who owns a stablecoin that is not backed by the dollar, such as DAI, would not be allowed to work on any policy concerning stablecoin regulation and management.

Elsewhere, others have been saying that this is just the latest attempt by U.S regulators to undermine the success of the crypto industry, and that bringing in people who have little to no hands-on experience regarding DeFi to make regulatory policies about decentralized finance is indicative of the fact that the United States government, in particular regulatory agencies like the SEC, have repeatedly adopted an anti-crypto stance.

Others believe that this could be a good thing as it is important to have individuals making regulatory policies who are not directly involved with crypto as this provides an objective and relatively unbiased perspective free from any conflict of interest, but the counter argument here is that why is this seemingly only applicable for cryptocurrencies and not other industries like housing and real estate.

The U.S to be left behind?

Due to the aforementioned new policies, it should come as no surprise that many U.S-based crypto enthusiasts, businesses and investors have started moving abroad. This is not just limited to those living in the United States either, as Binance CEO Changpeng Zhao recently relocated to Dubai in the UAE amidst growing regulatory concerns in the U.S. This makes sense as the United Arab Emirates continues to steadily become a global hub of sorts for all things relating to crypto and blockchain.

Ultimately, many would agree that the new policies are a massive step backwards in terms of bringing the U.S to the forefront of digital innovation and global dominance. Whereas a growing list of countries around the world are actively making efforts to facilitate crypto investors and businesses, it would nevertheless appear as if the United States could indeed be left behind in the inevitable global shift to the Web 3.0 era.