EU Commissioner Calls on Legislators to Pass Crypto Laws Quickly

The European Union is making steady headway toward finalizing its historic cryptocurrency framework. The EU’s financial services chief has asked its US colleagues to keep up the same growth rate. 

An International Regulatory Framework

This structure is currently being implemented to ensure that future legislation will have a truly international scope.

The Financial Times recently spoke with Mairead McGuinness. She is the European Commission’s financial services commissioner. 

During the conversation, she stressed the need to take a worldwide view of regulatory efforts. Seeing laws passed by other actors is necessary, she added. 

She then suggested that cryptocurrency laws be considered for global implementation. she made these remarks during McGuinness’s trip to the nation’s capital. 

She was in meetings with Republican Representative Patrick McHenry and Democratic Senator Kirsten Gillibrand. 

Following these meetings, the commissioner felt encouraged and now thinks lawmakers in the United States are headed in the “same direction” as them on the “crypto bill.”

Nevertheless, she expressed her worries over the possibility of the movement being delayed. She warned that there might be future issues with the economy’s stability, particularly if it continues to expand. 

She also said that investors had concerns over a lack of clarity, which was another point she made.

The Real Impact of Crypto Restrictions Is Expected to Be Seen in The Following Year

On October 10, the MiCa was approved after a decision by the European Council. The European Parliament’s Economic and Monetary Affairs Committee (ECON) gave the project the all-clear.

The crypto regulations may take into force beginning in 2024 at the earliest. This will occur after the passage of several legal and linguistic assessments approved by Parliament. 

It will be for the most current draft of the document and publication in the EU’s official journal.

Political conversation in the United States seems to have halted. This appears to be the case after a variety of actions for regulations. 

These regulations apply to stablecoins in particular and cryptocurrencies in general. The upcoming midterm elections are one of the potential causes of this. 

The power structure in the House of Representatives and the Senate will probably change due to the elections. The Financial Times also calls notice to a few inconsistencies. 

The differences, notably concerning stablecoins, are between the Democratic Party and the Republican Party.