- Mairead McGuinness urged the US to create new rules to govern the crypto industry.
- The commissioner spoke during a trip to Washington DC to discuss the crypto industry regulation.
- McGuinness explained that financial stability problems could rise without regulations.
Today, the European Commission’s financial services commissioner, Mairead McGuinness, has urged US politicians to create new rules to govern the crypto industry. McGuinness warned that digital assets could pose a threat to financial stability if left unchecked.
According to Financial Times, McGuinness referred to countries that are following the EU on crypto regulation and stated:
We do need to see other players also legislating perhaps differently but with the same objective. We need to look at global regulation of crypto.
The commissioner spoke during a trip to Washington DC, where she met politicians on Capitol Hill. McGuinness discussed how to regulate the crypto industry.
Furthermore, McGuinness mentioned that she was encouraged by those meetings and believed that the US politicians are moving in the same direction as the EU. The commissioner added that there are a lot of concerns arising in Europe if crypto were not to be regulated.
Without the lack of regulation, McGuinness explained that financial stability problems could rise and issues regarding investors’ lack of certainty would still remain unsolved.
The commissioner’s statement came after the Financial Stability Board called for a global framework to guide countries in their crypto regulation efforts.
While the EU is internationally recognized as having one of the most comprehensive regimes around cryptocurrencies, the US is still behind. The SEC has taken an aggressive stance towards crypto exchanges, but the coins themselves are still subject to very little oversight.
The members of Congress have stated that the stablecoin industry will be the first industry that they will be regulating.
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