G-7 Calls for ‘Consistent and Comprehensive’ Crypto Regulation

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Financial leaders from the Group of Seven (G-7) have called for the Financial Stability Board to develop “consistent and comprehensive” cryptocurrency regulation, Reuters reported Thursday (May 19).

The leaders cited the recent collapse of the Terra stablecoin and the ensuing chaos in the crypto world that followed.

“In light of the recent turmoil in the crypto-asset market, the G7 urges the FSB (Financial Stability Board) … to advance the swift development and implementation of consistent and comprehensive regulation,” finance ministers and central bankers from the G-7 industrialised nations said in a draft communique.

PYMNTS wrote about the G-7 earlier this week, noting that the group intended to talk about crypto regulations, and that French central bank head Francois Villeroy de Galhau said the crypto situation was a “wake-up call.”

See also: Crypto Regulation on Agenda of Meeting of G-7 Finance Heads

He also said Europe’s Markets in Crypto-Assets (MiCA) regulatory framework was one that could be built upon, and said they planned to discuss that and other issues.

PYMNTS has written about numerous calls for crypto regulation. For instance, Rostin Benham, chair of the Commodity Futures Trading Commission (CFTC), has participated in recent events that suggests there’s likely to be crypto regulation coming down at some point.

Read more: CFTC’s Chair Signals More Crypto Enforcement and Oversight

Benham participated in the 2022 FINRA annual conference to talk about crypto regulation, and was recently a part of the Chainalysis Links crypto conference. One of his remarks was about the increasing number of digital asset fraud and manipulation cases, which he said needed to be dealt with.

“Headlines about the loss of tens of millions of dollars in digital assets due to protocol exploits, phishing attacks, preying on vulnerable people and other fraudulent and manipulative schemes have become far too common,” said Behnam.

He said the CFTC had filed over 50 enforcement actions having to do with digital assets since 2015. Over half of them had to do with fraud, he added.