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The European Commission\u2019s commissioner for financial services has reportedly urged U.S. lawmakers to establish new rules to regulate the crypto industry. \u201cWe do need to see other players also legislating \u2026 We need to look at global regulation of crypto,\u201d said the commissioner.<\/strong><\/p>\n Mairead McGuinness, the European Commission\u2019s commissioner for financial services, talked about cryptocurrency regulation in an interview with the Financial Times, published Tuesday.<\/p>\n Referencing the Markets in Crypto-Assets (MiCA<\/a>) bill that will provide a regulatory framework for crypto across countries in the European Union, she stressed that any regulation imposed on the crypto industry would need to be global in order to work. The commissioner elaborated:<\/p>\n We do need to see other players also legislating \u2026 perhaps differently, but with the same objective\u2009.\u2009.\u2009. We need to look at global regulation of crypto.<\/p>\n<\/blockquote>\n McGuinness urged U.S. lawmakers \u201cto draw up sweeping new rules to govern the crypto industry,\u201d the publication described, adding that she warned digital assets could pose a threat to financial stability if left to grow unregulated.<\/p>\n During her recent trip to Washington, D.C., McGuinness met with several U.S. lawmakers who have been pushing bills in Congress to regulate the crypto industry, including Rep. Patrick McHenry (R-NC) and Senator Kirsten Gillibrand (D-NY).<\/p>\n The House of Representatives passed a bill<\/a> titled \u201cEliminate Barriers to Innovation Act\u201d in April last year that was introduced by McHenry. It requires the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) \u201cto establish a working group focused on digital assets.\u201d McHenry has repeatedly criticized the SEC for regulating the crypto sector by enforcement<\/a>. Senator Gillibrand and the pro-bitcoin Senator Cynthia Lummis introduced<\/a> a comprehensive crypto bill titled \u201cLummis-Gillibrand Responsible Financial Innovation Act\u201d in June.<\/p>\n McGuinness said she was encouraged by the meetings with U.S. lawmakers and that she believed U.S. politicians to be \u201cmoving in the same direction\u201d as those in the EU. Nonetheless, she cautioned: \u201cThere\u2019s a lot of concern at a European level as to [what would happen] if crypto were not to be regulated.\u201d The financial services commissioner noted:<\/p>\n There could be \u2014 in time, if it grows \u2014 financial stability problems. There also are investor issues around a lack of certainty.<\/p>\n<\/blockquote>\n Meanwhile, India\u2019s finance minister has called on the International Monetary Fund (IMF) to take a leading role in the regulation of crypto assets. The Indian government is planning<\/a> to discuss crypto regulations with G20 member countries during India\u2019s presidency. The finance minister said India hopes to arrive at a technology-driven regulatory framework for crypto.<\/p>\nEU Commissioner Calls on U.S. Lawmakers to Establish New Crypto Rules<\/h2>\n
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