When the basil ginger Donald Trump filed ethical paperwork to serve as Director of National Intelligence, he promised to sell Its holdings Bitcoin, Cronus, Ethereum, and Solana Crypto currencies. For decades, such promises have been a routine of the process of hiring a standard government. The Congress passed a law in 1962, convicted of interests, and the post of public ethics. Collecting crypto currencies as a concern In 2022.
But the rules of ethics ban members of their administration who can overcome the price of cryptoes do not apply to President Donald Trump.
Prior to its inauguration, Trump began his election win with a mena coin, and indicated the beginning of a new era as Crypto companies press the government to allow financial regulators to join crypto trading.
Even if this is not done, a Watch Dog of Ethics said they already have serious concerns about selling Trump to Mimi Coins when they appoint the Heads of the Securities and Exchange Commission and the Commodity Future Trading Commission. Yes.
“If you have a direct, personal financial relationship with the Crypto Industries, the Crypto is encouraging self -interest to create the easiest way for the world.” Government supervision.
Coin for me but not for you
Trump has won the fans’ armies at the Crepto World by promising to create industry -friendly rules and regulations. After several months of watching the scammers, after making rumors that a coin or any other official Trump product, Trump himself joined the game two days before the inauguration.
Legal withdraws as “Mem Cards” have stipulated that it does not intend to use it as an investment opportunity, but the peasers made more than $ 5 billion on Monday. $ $ Has contributed to Trump. .
Trump’s business group, the Trump Organization, is affiliated with the company that launched the token. The company and someone else have maintained 80 % of the shares in the token, which means that they can sell more of it in the future. It is not clear how much Trump owns himself, Forbus has reported.
Earlier this month, his entry into the crypto world was so arrogant that he also frightened his fans in the Silicon Valley, who expressed his concern. Strike the entire industry. An investor Is called The move “very happy and cheap.”
For many government employees, however, a new cryptocurrency will be beyond the limit – just being the owner.
In 2022, the Office of Government Ethics warned a voter that Crypto had a potential controversy of interests. Bulletin suggested that if the owner of a crypto could violate a federal criminal law, then if in question the officer oversees a matter “when there is a real possibility that the employee’s digital assets as a result of the matter Will benefit or harm. “
Professor Kathleen Clark at Washington University at St. Louis La School said the advice is a clear request for the Federal Ethics Act.
“We should expect the presidents to be at least as moral as the lowest executive branch official.”
Fortunately for Trump, the law does not apply to it. Congress The presidency was given an exception In the 1980s, George HW Bush’s White House lawyer, C. Buden Gray.
“We should expect the presidents to be at least as moral as the lowest officials of the executive branch. But thanks to the Boodon gray, we no longer have this legal need for presidents or vice presidents.
This law does not even apply to members of the Congress, who impose and enforce their own rules for their morality. Currently, members are allowed to trade crypto, though some of them do.
In response to Trump’s new plan, a crypto -friendly Democrat has proposed a clear rule for elected officials throughout the board.
“Selected officials should be prevented from placing a meme coin by law,” rap. Row Khanna, D Calif, said on x.
Open the cracking door
As Trump takes rest, the crypto industry is pushing an agenda that includes regulatory monitoring from the SEC to the more thin and industrialist CFTC, as well as to loose these rules. There is which prevents major banks from conducting digital assets.
Recently, the industry is demanding a change in the application of ethics laws. At this time, government officials have been barred from holding cryptocurrency if their official duties include monitoring. It enters the crypto industry data.
“Imagine designing an FAA Safety Protocol without seeing an aircraft, or without any switches, without legislation of light bulb performance. This is possible, but it will definitely not get a sensible policy,” Employees of Crypto Investment Firm Paradim wrote in a 2023 blog post.
After Trump’s victory in November, DC -based Industry Group Digital Chamber Wrote a letter Regulators were allowed to retain “minor” crypto holdings to seek immunity from the Office of Government Ethics, “to the extent that there is no danger of conflict of interest.”
The industry has compared the existing rules of such “de -minemis” exceptions, which can allow government officials to keep a small amount of stock in a particular company.
Clark, who studies the law of morality, said the industry’s arguments are bad. He said that allowing government officials to enter the Crypto would make both “more informed and more biased”.
The crypto industry was also ignoring an important difference between digital assets – many of which still work out of regulators’ access to the wild Western world – and traded publicly under the SEC under its supervision Have gone
“Digital assets, they can be junk. I think publicly traded companies may be junk, but I feel like it’s a pump and dump scheme.” OGE digital assets and public trade. One of these things is not like the other.
