The EU commissioner for financial services implores its American counterparts to hurry up with crypto regulatory efforts in order to ensure that the upcoming regulations will be global, not local.
Mairead McGuinness, commissioner for financial services at the European Union (EU), highlighted to the Financial Times on October 18 that the regulatory initiatives should have a worldwide scope. McGuinness stated, “We do need to see other players also legislate. We need to look at global regulation of crypto.”
The commissioner was encouraged by these meetings and believes that the U.S. lawmakers were moving in “the same direction,” but she shared her concerns about the potential delays of that movement: “I am concerned that the movement may be delayed, and I am concerned that it may be delayed further,” she said.
“There could be — in time, if it grows — financial stability problems. There also are investor issues around a lack of certainty.”
Following a vote by the European Union, the MiCa was adopted by the Economic and Monetary Affairs (ECON) Committee of the European Parliament on October 10.
The crypto regulations might start to take effect in 2024 after passing legal and linguistic scrutiny, Parliament’s approval of the most recent version of the document, and publication in the official EU journal.
The U.S. senators’ deliberation has meanwhile come to a standstill after numerous distinct measures on cryptocurrencies in general and stablecoins, in particular, were made public.
The forthcoming midterm elections, which might alter the balance of power in Congress and the Senate, could be one of the causes. The FT also emphasizes the conflict between the Republican and Democratic parties, particularly in relation to stablecoins.
