Cryptocurrency Move from the US Congress: MiCA Will Be Examined! – Cryptokoin.com

Cryptocurrency regulations in Europe are also of interest to the United States. In this context, the US Congress is sending a team to the European Union to review the Crypto Asset Markets (MiCA) cryptocurrency regulation.

US to examine EU experience with crypto regulations

cryptocoin.comAs you follow, there has been a significant increase in calls for regulation after the shocking events in the crypto market in 2022. In this context, the EU acted quickly and responded to these calls with Congress, Crypto Asset Markets (MiCA). Regulatory efforts continue in the United States. Now, the US Congress is sending a team to the European Union to review the Crypto Asset Markets crypto regulation. Meanwhile, recent regulatory actions against crypto seem to have triggered a lot of anxiety in the crypto world.

The US Congress plans to send more than a dozen employees with crypto and fintech knowledge to Belgium and France. Members of Congress will review MiCA, the EU’s new regulatory framework for regulating the cryptocurrency market. He will also meet with US Congressmen, EU officials and regulators, as well as crypto industry lobbyists, according to people familiar with the trip. To this end, they will hold meetings with members of the EU parliament and regulators, including the European Banking Authority and the European Securities and Markets Authority.

MiCA is seen as a major development worldwide

Faustine Fleuret, president of French crypto trading group Adan and one of those who spoke with the delegation, said, “MiCA will provide legal certainty to companies operating or wishing to start up in the EU. While it’s not perfect, at least we’ll know what the rules are,” she explains.

MiCA law is seen as the main crypto regulation in the EU to provide investor protection and security to crypto investors. However, DeFi and its impact on the traditional market are still a concern for regulators. As a result, the final vote on MiCA was delayed to April due to delays in translating the 400-page regulation. Also, MiCA will take more months to implement and final implementation will be in 2024. However, the cryptocurrency framework is seen as a major development worldwide.

Crypto industry in the US pushes for regulation

Meanwhile, one should not forget the regulatory actions of the US SEC against crypto staking, Binance USD (BUSD) issued by Paxos, and crypto exchanges that have negatively impacted the market. SEC Chairman Gary Gensler’s action is seen as mandatory practice by the industry. Brian Armstrong, CEO of crypto exchange Coinbase, says the US needs urgent crypto legislation as it risks losing its leading status.

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