- Rules imposed on the market would have to be included in the international framework.
- She also noted that many distinct parties were vying for the same market.
It has been reported that Mairead McGuinness, the EU’s financial services commissioner, has issued a warning concerning digital assets, citing danger to financial stability. European Union (EU) financial services head urges US politicians to reach a consensus on crypto amid calls for clearer legislation.
McGuinness stressed the need of gaining the support of other countries interested in regulating the cryptocurrency industry. Nonetheless, a number of governments are making moves to conform to the standards set by the European Union’s crypto legislation. She also noted that many distinct parties were vying for the same market.
Larger International Framework
She made the point that any crypto rules imposed on the market would have to be included in the larger international framework. According to the report, the Irish commissioner visited Capitol Hill to speak with American legislators. Briefly, she discussed the possibility of implementing regulations for the cryptocurrency market.
The commissioner got the impression that US officials are on the same page as the EU. On the other hand, the crypto rules and market are of more concern to European officials.
Meanwhile, it seems that the US regulator and its officials are split on the issue of whether or not crypto laws need to be clarified. According to reports, Hester Peirce, a commissioner at the SEC, has criticized authorities for allegedly failing to make creators and traders of non-fungible tokens (NFTs) aware of certain regulations.
Peirce, though, suggested that certain NFTs may be subject to market regulation in the same way that bonds and equities are.
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