Regulation of the crypto sector recently passed a key milestone with the adoption of MiCA standards in Europe. The same in England where the question is also experiencing remarkable developments. In the land of Uncle Sam, however, it is rather the witch hunt that is prioritized. The crypto industry wants to see that change.
US could learn from EU and UK crypto rules
The crypto regulatory strategy adopted by the United States is disputed. In recent weeks, several players in this industry have also denounced this policy deemed unsuitable.
For Susan Friedman, head of public policy at Ripple, the authorities must change their tune on this issue. This, especially as examples of clear regulatory policy are emerging in the UK and Europe.
Reacting to the adoption of MiCA standards on cryptos, the official called on the authorities to be inspired by the European example. Instead of betting on a conservative approach, the EU’s regulatory approach has prioritized a progressive approach. A dynamic similar to that achieved by the United Kingdom. Friedman in particular was pleased to see the British authorities implementing a transparent legal framework on cryptos.
Result: both the EU and the United Kingdom have managed to strengthen the attractiveness of the crypto market. This, without undermining the innovation that characterizes this industry, or worse scaring off crypto firms.
Yet this is what is likely to happen in the United States, underlined the Ripple executive. The latter denounces the regulatory dichotomy that reigns in the country. Because, instead of regulatory clarity on cryptos, regulators are betting on law enforcement. Strategy which ultimately is counterproductive.
It is not sure that the American regulators take into account the opinion. Those of several other players in the crypto industry have not been listened to so far. For its part, the Securities and Exchange Commission (SEC) seems determined to make life difficult for crypto firms.
This, in accordance with a plan announced at the beginning of the year. And in spite of more and more contestation within the policies. Recently, Rep. Tom Emmer blasted the SEC and its boss, Gary Gensler. During a congressional hearing, the latter was criticized for lacking flexibility in its regulatory approach.
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