The Secretary of State underscored the importance and necessity of a global regulatory effort during her visit to the United States.
The European Union continues to pass its crypto framework, Markets in Crypto-Assets, (MiCA), smoothly through each phase of legislation. Nonetheless, the chief financial officer of the United States urges its counterparts to remain on the same page so that regulations do not become localized.
Mairead McGuinness , European Commission’s financial service commissioner, stressed to Financial Times on Oct. 18 that regulatory efforts must be global. McGuinness stated that other players are needed to legislate. “We also need to consider global regulation of crypto.”
These comments were made during McGuinness’ visit to Washington DC. She met with Republican Representative Patrick McHenry, and Democratic Senator Kirsten Gilibrand.
“There may be, in time, financial stability problems if the economy grows.” Investor concerns also arise from a lack of certainty.
Following a vote by the European Council, the MiCa was approved by the European Parliament Committee on Economic and Monetary Affairs on October 10.
After legal and linguistic checks, the Parliament approved the latest version of this text and published it in the official EU journal. Crypto policies may come into effect in 2024.
There was no progress made in U.S. legislators’ discussions of crypto and stablecoins. This was after several bills on crypto in general and on stablecoins in particular were introduced to the public. One of the reasons why U.S. lawmakers’ discussions have stalled may be the upcoming midterm elections. These elections could result in a redrawing of the balance of power in Congress and the Senate. The FT also highlighted the differences between the Democratic-Republican parties, particularly in relation to stablecoins.