Federal Open Market Committee or FOMC has approved rules to ban Federal Reserve senior officers from buying and holding cryptocurrency and other investments.

The FOMC announced Friday’s decision. that starting on May 1, senior Federal Reserve officials already working at the agency would have one year to “dispose of all impermissible holdings,” while new officials would have six months to do so. These are the new regulations Please specifyThe Fed’s senior officers include Reserve Bank first vice-presidents, research directors and FOMC staff officials. FOMC manager and deputy managers, FOMC board division directors and directors of Board divisions who attend Committee meetings regularly. Individuals designated by Fed chair and spouses, as well as children and grandchildren, are also: