Mairead McGuinness, the European Union’s Financial Services Commissioner, recently answered questions from CNBC in Brussels. It was an opportunity for her to recall the importance of regulation in the crypto sector. She also highlighted the opportunities available to US regulators.
Regulation is needed for the crypto industry, says commissioner
During her interview with CNBC, Commissioner Mairead McGuinness talked of those who do not want a regulated crypto sector. Indeed, she indicated that not all crypto companies are in favor of the new rules on digital assets.
She said: “Some of those who were involved in the crypto space, from the very beginning, did so because they did not want to be part of the regulated and managed system. They want it to be separate and parallel to it. It’s a very dangerous path “.
Separately, McGuinness hinted that FTX’s dramatic collapse could be “a wake-up call for those who thought investments would only increase in value “.
The Americans could take inspiration from the MiCA regulations
Commissioner McGuinness explained that US regulators could take inspiration from regulations in Europe to frame the crypto industry. She argues that European regulators must collaborate with other for better regulation of the new industry.
CNBC has indicated on December 7 on Twitter that the commissioner said: “We need to work with the rest of the world on cryptocurrencies“. As the official responsible for overseeing the introduction of the MiCA regulation by the EU, McGuinness believes the latter could be useful to US regulators.
At the same time, the commissioner revealed:What I found in the US was a huge interest in what we were doing here, and in crypto markets and legislation. Also, I believe there will be developments there“.
Last June, EU lawmakers voted in favor of the MiCA regulation, which aims to protect crypto investors. The settlement makes crypto businesses responsible for possible losses of their customers’ funds. Crypto service providers will still need to be able to reimburse investors in the event of a hack, for example. That said, Mairead McGuinness clarified that the MiCA regulations “will not come into effect for a year“. “But, I think it’s already having an effect“, she added.
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