Despite the massive adoption of digital assets, regulators maintain their position. Particularly, those of the European Union. Indeed, cryptocurrencies are becoming more and more popular and the EU commissioner is determined to take matters into his own hands before they bring down the financial system.
EU calls on US regulators to adopt new crypto rules
Mairead McGuinness, European Commission Commissioner for Financial Services, is urging US lawmakers to establish new crypto rules. In interview in the Financial Times published on Tuesday, the latter spoke about the regulation of digital assets. According to her, any regulation imposed on the cryptocurrency industry would have to be global to work.
According to the latter, the financial system needs all players to participate hand in hand. With different methods perhaps, but keeping the same objective. Referring to the MiCA project, McGuinness calls on the United States to take drastic measures to govern the crypto industry.
She goes even further and adds that digital assets, if they do not grow, could pose a significant threat to financial stability. Thus, during his recent trip to Washington DC, the Commissioner of the European Union met several American legislators. Notably, Senator Kirsten Gillibrand and Patrick McHenry.
The latter have already proposed bills for the regulation of the ecosystem. In April of last year, McHenry introduced a bill in the House of Representatives called the Removing Barriers to Innovation Act. This law obliges the CFTC and the SEC to “establish a task force based on crypto assets”.
Meanwhile, India’s finance minister is calling on the International Monetary Fund (IMF) to actively participate in cryptocurrency regulation. India seems determined to adopt rules on cryptos. To do this, the Indian government plans to discuss the regulations with the G20 member countries during the Indian presidency.
Meanwhile, Mairead McGuinness, the EU commissioner, said she was confident after her meeting with US lawmakers. Moreover, she is convinced that they are moving in the same direction as those of the European Union.
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