Fed Bans Senior Officials From Cryptocurrency Investing – Regulation Bitcoin News - BitcoinEthereumNews.com
The Federal Reserve has baned its senior officials from investing in cryptocurrency. “Officials covered by the new rules will have 12 months from the effective date of the rules to dispose of all impermissible holdings,” said the Federal Open Market Committee.n Senior Federal Reserve Officials Prohibited From Investing in Cryptocurrency The Federal Open Market Committee (FOMC) anounced Friday that it has “unanimously formally adopted comprehensive new rules for the investment and trading activity of senior officials.” The FOMC is a committee within the U.S. Federal Reserve System charged with overseeing the nations open market operations. The rules were first anounced in October last year to strengthen “the impartiality and integrity of the Committees work by guarding against even the appearance of any conflict of interest,” the anouncement details, elaborating: Under the new rules, senior Federal Reserve officials are prohibited from … holding investments in individual bonds, agency securities, cryptocurrencies, commodities, or foreign currencies. In addition, they are also baned from “purchasing individual stocks or sector funds,” “entering into derivatives contracts,” and “engaging in short sales or purchasing securities on margin.” Cryptocurrency was not included in the October anouncement. The new rules apply to Reserve Bank presidents, board members, first vice-president, research directors, FOMC staff officers, the manager