Efforts by EU officials in the area of ​​regulation of cryptocurrencies could lead to the imposition of a European model that would undermine the ability of US regulators to effectively create their own rules. This view was expressed by the former president. CFTC Christopher Giancarlo writes for CoinDesk.

The former official referred to the bill on the regulation of cryptocurrencies. Micapreviously adopted by the European Council and the European Parliament in early July.

The document explains the rules that apply to issuers of unsecured cryptoassets, stablecoins, trading and custody platforms. However, it does not affect NFTs. In the next 18 months, the European Commission can supplement this with relevant provisions.

“I am very concerned about the pace of development of MiCA. “Giancarlo has very broad provisions that, in a sense, export this approach to crypto assets to the United States.”

He urged Congress to “gain speed” on the regulatory framework. According to him, the US should create its own structure and “not accept regulations from the EU”.

“I have great respect for Europe, but its markets are very different,” said the former official.

Earlier, Giancarlo called for clearer rules for the cryptocurrency industry amid the conflict between Coinbase and Coinbase. SEC. The reason for the regulator’s dissatisfaction was the bitcoin exchange’s plans to launch Lend crypto savings accounts.

In July, Tom Emmer, a member of the US House of Representatives, accused the SEC of being “unethical” to the crypto industry. According to him, the department uses unfair methods when it comes to digital assets.

Ripple CEO Brad Garlinghouse also criticized the Commission. According to him, the regulator is taking a compelling approach rather than working on clear rules for the industry.

Recall that the CFTC pointed to the SEC’s opaque approach and criticized the regulation method used by the department through coercion.

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