“‘We do need to see other players also legislating … perhaps differently, but with the same objective. … We need to look at global regulation of crypto.’”
— Mairead McGuinness, European commissioner for financial stability, financial services and the Capital Markets Union
In an interview with the Financial Times, Mairead McGuinness, European commissioner for financial stability, financial services and the Capital Markets Union, said that regulating the crypto industry would need to be a global effort in order for it to be effective.
“There’s a lot of concern at a European level as to [what would happen] if crypto were not to be regulated,” McGuinness told the FT, adding that there “could be — in time, if it grows — financial-stability problems.”
Last week, McGuinness visited the U.S. and met with CEOs of several European banks in the United States. This trip also included a meeting with Jamie Dimon, CEO and chairman of JPMorgan.
“With a busy EU financial regulatory agenda, it was great to hear U.S. perspectives on work being done in the EU on sustainable finance and digital finance,” she said of the meetings, in a LinkedIn post.
The EU has been ahead of the curve in terms of regulation of cryptocurrencies. A new set of rules oversees everything from tracking the crypto industry’s environmental impact to algorithmic stablecoins and crypto assets.
U.S. President Joe Biden has also expressed interest in regulating the crypto industry. Earlier this year, he signed an executive order to protect consumers and businesses from fraud and ensure responsible development of digital assets.
The U.S. Securities and Exchange Commission has also taken a strong approach toward investigating crypto exchanges and digital assets. But coins still have very little oversight, and questions still remain about whether cryptocurrencies should be considered securities or commodities.