Law Decoded, July 4-11: Access Denied to Policymakers Possessing Cryptocurrencies

A warning notice from the United States Office of Government Ethics intends to leave hodlers out of the socket decisions on cryptography.

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It's been about a century since the property qualification went out of fashion, but that doesn't seem like a problem if you want to apply it to cryptography and policy-making. A notice released last week by the US Office of Government Ethics says the de minimis exemption — which allows owners of securities that hold an amount below a certain threshold to work on policy related to that security — is universally inapplicable when it comes to cryptocurrencies and stablecoins.

As the memo states, even holding just $100 of a certain stablecoin should prevent a public official from participating in drafting a rulebook "until he divests his interest in [that] stablecoin" . Stablecoins are no exception - the same goes for any type of cryptocurrency.

The only exemption will be given to decision makers who hold up to $50,000 in mutual funds that invest heavily in companies that would benefit from crypto and blockchain technology. The rationale for this exemption is that they "are considered 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 being investigated in both countries. While joint action between the home jurisdiction of Terra and the country with the largest crypto market is no surprise, the cooperation between the two nations would be the first of its kind, but likely not the last.