Volatility in the global digital assets industry has increased due to the lack of regulation surrounding cryptocurrencies. The European Union’s financial services chief has urged US policymakers to come to a conclusion about crypto regulations.
Mairdad McGuinness, the European Union’s financial services chief, warns of the digital assets’ threat to global financial stability in a report. She suggests that any cryptocurrency regulations should adhere to the global order.
McGuinness noted that they need to see other countries take similar strides in legislation surrounding the cryptocurrency market. There are, however, several institutions working to catch up with regulations already put into place by the EU. She added that although there are various actors in this space, all share the same goal.
The report claims that the Irish commissioner spoke with American politicians located on Capitol Hill. The conversation circled around how to best regulate the crypto industry.After speaking with policymakers, she left having gathered that European and US officials seem to be on the same page regarding cryptos. Although, Europeans are more worried when it comes to market regulations .
It appears that the U.S. regulator and its officials are not in agreement over how clear crypto regulations should be. Commissioner Hester Peirce of the SEC has allegedly criticized the regulators for failing to inform non-fungible token (NFT) creators and traders about certain laws.
Peirce pointed out that there are some NFTs which might be regulated like bonds and stocks in the marketplace.
The European Union is now world-renowned for its unyielding policy against digital assets. Just this month, the set of new crypto regulations made by EU policymakers passed its final stage. These rules will be controlling the issuance of stablecoins in order to monitor their environmental impact.