The official emphasized the value of a truly global regulatory endeavor during her visit to the United States.

The financial services chief of the European Union urges their American counterparts to follow suit so that the upcoming regulations will be global, not local, as it moves forward with the smooth passage of its historic crypto framework, the Markets in Crypto-Assets (MiCA), through the legislative stages.

Mairead McGuinness, commissioner for financial services at the European Commission, highlighted to the Financial Times on October 18 that the regulatory initiatives should have a worldwide scope. McGuinness stated, “We do need to see other players also legislate. We need to look at global regulation of crypto.”

During McGuinness’ visit to Washington, DC, she met Republican Representative Patrick McHenry and Democratic Senator Kirsten Gillibrand, who is a co-sponsor of the U.S. cryptocurrency bill, and made these remarks. The commissioner voiced her worries about potential delays in that progress while being heartened by these conversations and believing that U.S. politicians were moving in “the same direction”

“There could be — in time, if it grows — financial stability problems. There also are investor issues around a lack of certainty.”

Following a vote by the European Council, the MiCa was adopted by the Economic and Monetary Affairs (ECON) Committee of the European Parliament on October 10. The crypto regulations might start to take effect in 2024 after passing legal and linguistic scrutiny, Parliament’s approval of the most recent version of the document, and publication in the official EU journal.

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