EU Commissioner Urges US Lawmakers to Establish New Crypto Rules
Mairead McGuinness, the European Commission’s commissioner for financial services, warned about the dangers that digital assets could pose to financial stability and called for US politicians to draw up new rules to govern the crypto industry.
Per the Financial Times, during a trip to Washington, DC, the commissioner met politicians who are at the center of crypto regulation discussion in the USA, including the Republican member of the House Patrick McHenry and the Democratic senator Kirsten Gillibrand.
McGuinness told the Financial Times that she was “encouraged” by the meetings and that the US politicians seem to be “moving in the same direction” as their EU counterparts.
She added, however, that,
“There’s a lot of concern at a European level as to [what would happen] if crypto were not to be regulated. There could be — in time, if it grows — financial stability problems. There also are investor issues around a lack of certainty.”
Ever since the collapse of the Terra/LUNA ecosystem, the market crash this year, as well as the following string of bankruptcies, regulators across the world have sharpened their already growing focus on the industry.
McGuinness argued that any regulation imposed on the industry has to be global if it were to work. Referring to other countries that have started following the EU’s lead on crypto regulation, she told the news outlet that,
“We do need to see other players also legislating, perhaps differently, but with the same objective… We need to look at global regulation of crypto.”
Similarly to McGuinness, the Financial Stability Board called for a global framework for crypto regulation efforts. Last week, as reported, this international advisory body created by the G20, laid out its
Read more on cryptonews.com
