EU Commissioner Urges Lawmakers to Hurry With Crypto Regulations

During her visit to the United States, the lead stressed the importance of a truly global regulatory effort.

As the European Union smoothly adopts its landmark crypto framework, the Crypto-Asset Markets (MiCAs), through legislative phases, its chief financial officer urges its US counterparts to follow suit the pace to secure future regulations will be global, not local.

On October 18, European Commission Financial Services Commissioner Mairead McGuinness told the Financial Times that regulatory efforts must be global. "We need to see other players legislate as well," McGuinness said, adding, "We need to look at global crypto regulation."

The remarks were made during McGuinness' visit to Washington DC, where she met with Republican Representative Patrick McHenry and Democratic Senator Kirsten Gillibrand, one of the co-sponsors of the US crypto bill. The commissioner was encouraged by these meetings and believes that US lawmakers were heading in “the same direction”. Nevertheless, she expressed her concerns about the possible delays of this movement:

“There could be – over time, if it develops – financial stability issues. There are also issues for investors around a lack of certainty.”

The Economic and Monetary Affairs Committee (ECON) of the European Parliament approved the MiCa on October 10 following a vote by the European Council. After legal and linguistic checks, approval by Parliament of the latest version of the text and publication in the official journal of the EU, the cryptography policies could come into force from 2024.

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