The global digital asset industry is currently trading under increasing market volatility coupled with the absence of crypto regulation. The urgency of the authorities to implement crypto-related laws is seen more and more clearly. Most recently, the head of the European Union's (EU) financial services has urged US policymakers to help their side to speed this up.
According to reports, Mairead McGuinness, the head of the EU's financial services has issued a warning about digital assets citing threats to financial stability. He mentioned that any crypto regulation imposed on the market needs to be placed in a global order.
McGuinness emphasized that they need to see other countries also showing interest in enacting laws related to the crypto market. However, there are some authorities who are willing to speed up the implementation of EU-implemented crypto regulations. He added that there are different players in the market, but have the same objective.
The report suggested that the Irish commissioner met US politicians on Capitol Hill. He held a brief meeting discussing how to regulate the crypto industry. The commissioner feels that US policymakers are on the same page as the EU. However, European policymakers are more concerned about regulation and the crypto market for now.
On the other hand, US regulators and their officials are seen as still divided on the need for more detailed crypto regulation. The report suggests that Hester Peirce, the commissioner of the SEC has called the regulator to ensure that the creators and traders of NFT tokens are also enshrined in the clause to be enacted.
The European Union has been known for its tough stance on digital assets. New crypto regulations being drafted by EU policymakers passed their final stages earlier this month. These regulations will regulate the production of stablecoins to monitor their environmental impact.
