The EU’s financial services chief has urged US politicians to draw up sweeping new rules to govern the crypto industry, warning that digital assets could pose a threat to financial stability if left to grow unchecked.
“We do need to see other players also legislating,” McGuinness said, referring to countries that are beginning to follow the EU’s lead on crypto regulation, “perhaps differently, but with the same objective . . . We need to look at global regulation of crypto.”
US president Joe Biden has also talked of the importance of regulating the crypto industry, but members of Congress are split over how to do so. The Securities and Exchange Commission has taken an aggressive stance towards crypto exchanges, but the coins themselves are still subject to very little oversight.
Read more about this: Financial Times
