As global regulations become more complex, the European Union will be able to share its views with US officials on crypto legislation.
“We have a packed agenda for the US next weeks, and one item that won’t rank at the bottom, it will be right around the top, is crypto,” Mairead McGuinness, EU Commissioner for Financial Services, said Tuesday at a Bloomberg News media roundtable in Brussels stating “They want to hear about our experiences, how they turned out, and what the issues were.”
Mairead McGuinness also said “I would be happy to share my experience, but also to hear about the plans of the US.”
The EU is moving forward with key legislation to regulate crypto with common rules across all 27 member countries.
This marks the first global attempt to oversee the sector on this scale by lawmakers.
The bloc reached an agreement in June on its Markets in Crypto assets directive. As the European Parliament, Council and Commission approved the revised provisions regarding the supervision of crypto asset service providers (CASPs), and consumer protection and environmental safeguards for crypto assets such as Bitcoin and Ether, they also approved updated provisions.
Given the global nature of cryptocurrency flows, central banks have been pushing governments all over the globe to improve their coordination of regulations. Markets from Singapore to the US were affected by the May collapse of TerraUSD, a stablecoin. This highlights the need for greater coordination.
McGuinness stated that she will bring to Washington the message that “here in the EU, we have a piece of legislation, and we are a leader in this.” “A little bit like climate change,” McGuinness said that addressing crypto in the EU alone is not sufficient. We need global engagement and sharing of experience.