This chart summarizes the various ethics rules that bar most federal government employees from owning crypto. After assembling it, we remain more certain than ever that government employees need a path to understand and experiment with technology changing the world.
These rules are confusing, and the chart is a work in progress. If you spot issues, want to propose an amendment, or just want to talk, you can reach us at policy@paradigm.xyz.
Imagine designing an FAA safety protocol without ever seeing a plane, or legislating lightbulb efficiency without ever flipping a switch. It may be possible, but it certainly won’t yield sensible policy.
The internet defined the past few decades of innovation, and we believe crypto will define the next few decades. This means that drafting good regulation — regulation that doesn’t stifle or drive development overseas — is among the most critical issues for American policymakers today. But to truly understand crypto, it’s mandatory to actually use it. Read more
John Heinemann, Dominique Little, Brendan Malone, Rodrigo Seira, Justin Slaughter, Achal Srinivasan, Yang You, Anne Kelley (Mercury Strategies), Langston Emerson (Mindset), and Charlie Schreiber (Mindset).
Yes, but Members are prohibited from voting in certain circumstances.
Applies to House Members.
Active
House Rules prohibit Members from voting on a question in which the Member "has a direct personal or pecuniary interest." House Rule 3.
U.S. House Committee on Ethics
No.
Historically, this rule has not been found to apply when the question affects a class of people as opposed to the Member individually. See House Committee on Ethics, Member Voting and Other Official Activities.
Vote by House to amend House Rules.
[1] Note: Government officials should not rely on this chart—talk to your ethics officers and consult your agency experts. If you have additions or think we got something wrong, please let us know! Email the Paradigm Policy Team at policy@paradigm.xyz.
[2] This prohibition also extends to “particular matters” that will have a direct and predictable effect on the financial interests of the executive branch employee’s general partner; organization in which the employee is serving as an officer, director, trustee, general partner or employee; and any person or organization with whom the employee is negotiating or has an arrangement concerning prospective employment.
[3] In this Legal Advisory, OGE clarified that mutual funds that have a stated purpose of concentrating investments in cryptocurrencies, stablecoins, cryptocurrency or stablecoin derivatives, or cryptocurrency or stablecoin services are sector mutual funds for purposes of the mutual funds exemptions in 5 C.F.R. § 26401.201.
[4] Potentially relevant advisory boards include, but are not limited to, the SEC Investor Advisory Committee and the CFTC Technology Advisory Committee.
[5] Filers must also disclose certain information about the filer’s spouse and dependent children. 5 U.S.C. app. § 102.
[6] Filers must also disclose the same information for their spouses and dependent children.
[7] Filers must also disclose certain information about the filer’s spouse and dependent children. 5 U.S.C. app. § 102.
[8] Filers must also disclose the same information for their spouses and dependent children.
[9] This prohibition extends to Members’ and employees’ spouses, unemancipated minor children, and any person for whom the Member or employee serves as a legal guardian. 5 C.F.R. § 4401.102(a).
[10] This prohibition also extends to Members’ and employees’ spouses, minor children, and other relatives who reside in their immediate household. 17 C.F.R. § 140.735-2(a).
[11] This prohibition extends to Members’ and employees’ spouses, minor children, and other relatives who reside in their immediate household. 17 C.F.R. § 140.735-2a(a).
[12] This prohibition extends to a covered individual’s spouse and minor children. Investment and Trading Policy § 3(a).
[13] This prohibition extends to a covered individual’s spouse and minor children. 5 C.F.R. § 6801.103(a).
[14] This prohibition extends to OCC employees’ spouses and minor children. 5 C.F.R. § 3101.108(a)(1).