EU Commissioner Urges US to Create New Crypto Rules — Says ‘We Need to Look at Global Regulation of Crypto’

The European Commission’s commissioner for fiscal services has reportedly urged U.S. lawmakers to found caller rules to modulate the crypto industry. “We bash request to spot different players besides legislating … We request to look astatine planetary regularisation of crypto,” said the commissioner.

EU Commissioner Calls connected U.S. Lawmakers to Establish New Crypto Rules

Mairead McGuinness, the European Commission’s commissioner for fiscal services, talked astir cryptocurrency regularisation successful an interrogation with the Financial Times, published Tuesday.

Referencing the Markets successful Crypto-Assets (MiCA) measure that volition supply a regulatory model for crypto crossed countries successful the European Union, she stressed that immoderate regularisation imposed connected the crypto manufacture would request to beryllium planetary successful bid to work. The commissioner elaborated:

We bash request to spot different players besides legislating … possibly differently, but with the aforesaid objective . . . We request to look astatine planetary regularisation of crypto.

McGuinness urged U.S. lawmakers “to gully up sweeping caller rules to govern the crypto industry,” the work described, adding that she warned integer assets could airs a menace to fiscal stableness if near to turn unregulated.

During her caller travel to Washington, D.C., McGuinness met with respective U.S. lawmakers who person been pushing bills successful Congress to modulate the crypto industry, including Rep. Patrick McHenry (R-NC) and Senator Kirsten Gillibrand (D-NY).

The House of Representatives passed a bill titled “Eliminate Barriers to Innovation Act” successful April past twelvemonth that was introduced by McHenry. It requires the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) “to found a moving radical focused connected integer assets.” McHenry has repeatedly criticized the SEC for regulating the crypto assemblage by enforcement. Senator Gillibrand and the pro-bitcoin Senator Cynthia Lummis introduced a broad crypto measure titled “Lummis-Gillibrand Responsible Financial Innovation Act” successful June.

McGuinness said she was encouraged by the meetings with U.S. lawmakers and that she believed U.S. politicians to beryllium “moving successful the aforesaid direction” arsenic those successful the EU. Nonetheless, she cautioned: “There’s a batch of interest astatine a European level arsenic to [what would happen] if crypto were not to beryllium regulated.” The fiscal services commissioner noted:

There could beryllium — successful time, if it grows — fiscal stableness problems. There besides are capitalist issues astir a deficiency of certainty.

Meanwhile, India’s concern curate has called connected the International Monetary Fund (IMF) to instrumentality a starring relation successful the regularisation of crypto assets. The Indian authorities is planning to sermon crypto regulations with G20 subordinate countries during India’s presidency. The concern curate said India hopes to get astatine a technology-driven regulatory model for crypto.

What bash you deliberation astir the comments by the European Commission’s commissioner for fiscal services astir crypto regulation? Let america cognize successful the comments conception below.

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