The European Union’s financial services boss stressed to leaders on Capitol Hill that it’s important for the US to finalize regulations governing cryptocurrency oversight.
Mairead McGuinness, EU Commissioner for Financial Services, Financial Stability and Capital Markets Union, met with lawmakers during a trip to Washington DC and New York last week to talk about how to regulate the cryptocurrency and digital assets industry.
The Irish commissioner met with Rep. Patrick McHenry (R-North Carolina) and Sen. Kirsten Gillibrand (D-New York) as well as Federal Reserve Chair Jerome Powell and Janet Yellen during a Regulatory Roundtable, she said on Twitter.
Read again: Hopes for Crypto Regulations Fade as Midterm Elections Approach
This was her first visit to the US as EU Commissioner for Financial Services, she said in a LinkedIn post.
While the European Union recently passed among the most comprehensive frameworks surrounding crypto, the U.S. is still grappling with assigning agency oversight. The Securities and Exchange Commission has been aggressive in monitoring and legislating crypto exchanges, but coins have little supervision.
The US is also still debating whether cryptocurrencies should qualify as securities regulated by the SEC or commodities that fall under the regulation of the Commodity Futures Trading Commission.
The Markets in Crypto Assets (MiCA) law creates a broad legal framework for digital assets including cryptocurrencies and stablecoins, PYMNTS reported on Oct. 6.
It divides cryptocurrencies into three categories: stablecoins, which are called e-money; asset-referenced tokens, which are stablecoins backed by assets other than fiat, including algorithmic stablecoins like the TerraUSD that collapsed in a $48 billion run in May; and everything else.
Featured News
Uruguayan Antitrust Scrutiny Puts Major Meatpacking Deal Between Marfrig and Minerva on Hold
May 19, 2024 by
CPI
Alaska Airlines Seeks Dismissal of Consumer Lawsuit Over $1.9 Billion Hawaiian Airlines Buy
May 19, 2024 by
CPI
Idaho Attorney General Orders Split of Kootenai Health and Syringa Hospital
May 19, 2024 by
CPI
Court Rejects T-Mobile’s Appeal Bid in Antitrust Case Over Sprint Merger
May 19, 2024 by
CPI
Google Requests Judge, Not Jury, to Decide on Antitrust Case
May 19, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI