US Federal Reserve bans employees from trading stocks and crypto
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| US Federal Reserve |
The US Federal Reserve announced new rules banning its employees from trading stocks, bonds, and cryptocurrencies, and these restrictions were first announced yesterday, Friday, during the month of October 2021, but the previous announcement did not include a ban on cryptocurrencies.
The policy-making body within the Fed said that most of the restrictions will take effect on May 1, 2022, and the Fed expects that additional employees will become subject to all or parts of these rules after completing further review and analysis.
The ban on trading or owning cryptocurrencies such as Bitcoin, which was not covered by the first announcement, will still have 12 months for officials who still hold market positions to relinquish the prohibited positions, and new Federal Reserve officials will have 6 months to do so.
Going forward, employees covered by the new rules must provide 45 days' notice before making any permitted asset purchases, after which they will have to hold these positions for at least a year.
In the same context, employees of the Federal Reserve will be prohibited from trading commodities, foreign exchange, sectoral index funds, derivatives, short positions, and agency securities, or using margin debt to purchase assets.
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