Some members of the United States House of Representatives’ Financial Services and Agriculture Committees pointed to crypto asset frameworks used abroad when discussing regulatory gaps at home.
In a joint hearing on May 10 on the future of digital asset regulation, some lawmakers pointed to the European Union’s Markets in Crypto Assets framework and digital asset regulation in the United Kingdom in contrast to the patchwork of requirements in the United States. In response to questions raised by Oklahoma Representative Frank Lucas, Kraken chief legal officer Marco Santori said that the US-based crypto exchange is making plans to invest in the EU and is in the process of investing in the UK, which has found US regulatory environment is difficult to assess. .
“Some jurisdictions are actually pushing forward — they’re moving forward,” Santori said. “These are G20 jurisdictions that have sophisticated financial services markets, sophisticated technology industries. The US is very important in that regard.”
House Financial Services Committee ranking member Maxine Waters said there are some efforts to establish a “completely new market structure” for crypto in the United States amid the lack of clarity. regulators including the Commodity Futures Trading Commission and the Securities and Exchange Commission. Wisconsin Representative Bryan Steil added that the US Congress is ready to provide crypto regulation, but suggested that there is “a more forward-thinking approach” in Switzerland and Europe.
“Switzerland provided very early for a very clear regulatory framework,” said Web3 Foundation chief legal officer Daniel Schoenberger in response to questions from Steil. “This framework that they provide certainly provides the legal certainty to be headquartered there and to have legal clarity around the classification immediately.”
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Steil explained that jurisdictions including the EU with MiCA, Dubai with the Virtual Assets Regulatory Authority, Singapore, and South Korea “are not driving forward through a regulatory approach but are putting rules and regulations on the road. ” Such an approach, suggested the legislator, will encourage investment and innovation.
Congress has scheduled several hearings in May to discuss digital asset regulation, the recent failure of major banks, and oversight of federal financial regulators.
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