EU Commissioner Urges US to Create New Crypto Rules — Says ‘We Need to Look at Global Regulation of Crypto’ – Regulation Bitcoin News

The European Commission’s commissioner for financial services has reportedly urged U.S. lawmakers to establish new rules to regulate the crypto industry. “We do need to see other players also legislating … We need to look at global regulation of crypto,” said the commissioner.

EU Commissioner Contacts the U.S. New Crypto Rules Needed by US Lawmakers

Mairead McGuinness, the European Commission’s commissioner for financial services, talked about cryptocurrency regulation in an interview with the Financial Times, published Tuesday.

She referred to the Markets in Crypto-Assets bill (MiCA), which will create a regulatory framework to crypto across all countries in Europe. However, she stated that any regulations imposed upon the industry must be universal in order for them to function. He elaborated on:

We do need to see other players also legislating … perhaps differently, but with the same objective . . . It is important to consider global crypto regulation.

McGuinness urged U.S. lawmakers “to draw up sweeping new rules to govern the crypto industry,” the publication described, adding that she warned digital assets could pose a threat to financial stability if left to grow unregulated.

McGuinness visited Washington, D.C. recently to meet with several U.S. legislators who are pushing legislation to regulate crypto.

The House of Representatives passed a bill titled “Eliminate Barriers to Innovation Act” in April last year that was introduced by McHenry. It requires the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) “to establish a working group focused on digital assets.” McHenry has repeatedly criticized the SEC for regulating the crypto sector by enforcement. Senator Gillibrand and the pro-bitcoin Senator Cynthia Lummis introduced a comprehensive crypto bill titled “Lummis-Gillibrand Responsible Financial Innovation Act” in June.

McGuinness said she was encouraged by the meetings with U.S. lawmakers and that she believed U.S. politicians to be “moving in the same direction” as those in the EU. Nonetheless, she cautioned: “There’s a lot of concern at a European level as to [what would happen] if crypto were not to be regulated.” The financial services commissioner noted:

There could be — in time, if it grows — financial stability problems. A lack of certainty can cause investor problems.

Meanwhile, India’s finance minister has called on the International Monetary Fund (IMF) to take a leading role in the regulation of crypto assets. The Indian government is planning to discuss crypto regulations with G20 member countries during India’s presidency. India is hopeful of achieving a technology-driven regulatory framework in crypto, according to the finance minister.

What do you think about the comments by the European Commission’s commissioner for financial services about crypto regulation? Please leave your comments below.

Kevin Helms

Kevin, a student of Austrian Economics and evangelist since 2011, discovered Bitcoin. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.