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FED banned high-ranking officials from buying cryptocurrency

FED banned high-ranking officials from buying cryptocurrency

The U.S. Federal Reserve has updated the rules for high-ranking officials. Originally, they were banned from trading stocks, bonds, and their derivatives. But now, cryptocurrency has been added to that list as well. 

According to the FED press release, under the new rules, senior Federal Reserve officials are prohibited from purchasing individual stocks or sector funds; holding investments in individual bonds, agency securities, cryptocurrencies, commodities, or foreign currencies; entering into derivatives contracts; and engaging in short sales or purchasing securities on margin.

The new restrictions are necessary to prevent conflicts of interest and to encourage public trust in the impartiality and integrity of the Fed's work. The rules will require members of the Board of Directors, Presidents, Reserve Bank Vice Presidents, FOMC staff, and other senior officials to comply.  

Officials subject to the new rules will have 12 months to dispose of existing assets. The rules will take effect on May 1, 2022.

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