Markets in Crypto Assets Bill of the EU is considered to be around crypto markets and hence creates concerns.
Crypto Regulations are one among several perennial concerns of people within crypto markets. Regardless of the time and region, the demands of regulating the digital assets and related legislations remains constant. Now a similar instance came up from Europe. However, the European Union’s Markets in Crypto Assets (MiCA) bill has heated up the conversations around regulations in crypto.
Meanwhile, former Chairman of Commodity futures Trading Commission—Chris Giancarlo, showed his concern on the EU’s bill. He opined that MiCA could hurt the ability of regulators in the United States in order to introduce European crypto regulation globally. Former CFTC head considered this as hampering the ability of the US to create their own rules.
On Thursday, Giancarlo was attending the annual DACOM Summit of Solidus Labs in New York. He said at the summit that the proposed so-called landmark legal framework of Europe boasts to provide regulatory clarity as its aim that could help the crypto industry evolve in the European region.
Giancarlo said that he has concerns with the pace of MiCA to bring in the evolution. He outlined that the bill has several provisions with their huge extensions that make sense in exporting their ways to deal with cryptocurrencies across the United States.
Troubles of the United States in order to avail proper clarification on regulations regarding the crypto markets within their region are clearly evident. During such desperate times, MiCA like global regulatory frameworks are anticipated to fill the void.
On Thursday, Caronline Pham—currency CFTC Commissioner relaunched the Global Market Advisory Committee of CFTC. During the event, Pham said that once the market structures and frameworks are set, then they become extremely difficult to change. He said that various instances like changing market structures, shifting and inflow of huge amounts of money in terms of investment makes the market structures harder. In this way, they become rigid and harder to bring changes.
Source: https://www.thecoinrepublic.com/2022/08/01/former-cftc-chair-showed-concerns-on-european-unions-mica-bill/