The US regulator and its officials appear to be divided on the need for more specific crypto regulations. However, EU officials are more concerned about crypto regulations and the market.
Because of the absence of Crypto regulations.
Amid calls for clearer crypto-related regulations, the European Union's (EU) financial services director has encouraged US policymakers to make a decision.
As per reports, the EU's financial services commissioner, Mairead McGuinness, has issued a warning against digital assets, citing a threat to financial stability. She stated that any crypto regulations imposed on the market would have to be included in the global order.
McGuinness emphasized the importance of seeing other countries that are interested in developing legislation governing the cryptocurrency market. However, numerous authorities are attempting to catch up with the EU's crypto regulations. She went on to say that there are other participants in the industry, all with the same goal.
The report suggests that the Irish commissioner met with US lawmakers on Capitol Hill. She had a brief discussion on how to govern the cryptocurrency market. The commissioner believes that US officials are on the same line as the EU. However, European officials are more concerned about cryptocurrency regulations and the market.
US executives divided over need for new regulations
Meanwhile, the US regulator and its officials appear to be divided on the need for more specific crypto regulations. As per reports, SEC commissioner Hester Peirce has criticized authorities for keeping non-fungible token (NFT) creators and traders uninformed of key regulations.
However, Peirce stated that certain NFTs, such as bonds or equities, may be regulated in the market.
The European Union is well-known across the world for its strong stance on digital assets. The EU policymakers' new set of crypto regulations was finalized earlier this month. The regulations will oversee the issue of stablecoins in order to track their environmental effect.
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