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Amid the crypto crackdown by regulators in the U.S., the Congress sending a team to the European Union to study the Markets in Crypto-Assets (MiCA) crypto regulation. The recent regulatory action against crypto is a major concern for the crypto space.
The U.S. Congress plans to send over a dozen staffers with crypto and fintech knowledge to Belgium and France. The Congress members will learn the EU’s new regulatory framework MiCA for regulating the crypto market.
Furthermore, U.S. Congress members will meet with EU officials and regulators, as well as crypto industry lobbyists, as per people with knowledge of the trip. The agenda is meetings with members of the EU’s parliament and regulators, including the European Banking Authority and the European Securities and Markets Authority.
“MiCA will provide legal certainty to companies having or wishing to launch activities in the EU,” said Faustine Fleuret, president of French crypto trade group Adan and one of those meeting with the delegation. “Although it will not be perfect, we will know what the rules are.”
The MiCA law is seen as the major crypto regulation in the EU to ensure investor protection and security to the crypto investors. However, DeFi and its impact on the traditional market is still a concern for the regulators. As a result, the final vote on MiCA pushed to April due to delays in translating the 400-page regulation.
Moreover, the implementation of the MiCA will take more months, with final execution in 2024. However, the crypto framework is seen as a major development across the world.
Crypto Industry in the U.S. Pushes for Regulation
The U.S. SEC’s regulatory action against crypto staking, Paxos-issued Binance USD (BUSD), and crypto exchanges taking a toll on the market. SEC Chair Gary Gensler’s action is seen as forced enforcement by the industry.
Brian Armstrong, CEO of crypto exchange Coinbase, believes the U.S. needs urgent crypto legislation as it risks losing its status as a leader.
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