US and Europe on Crypto Regulation

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The speedy pace of adoption in the crypto market is building a virtuous circle of growth that’s encouraging developers to provide profitable crypto services. If you’re a crypto developer, these places are where the move is right now.

According to the article published by Coindesk, in the previous month U.S. senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) announced their co-sponsorship of comprehensive crypto legislation, Sen. Pat Toomey (R-Pa.) filed a detailed proposal for regulating stablecoins, and five Democratic congressmen introduced the Electronic Currency and Secure Hardware (ECASH) Act. to develop a cash-like digital dollar.

Meanwhile, in Brussels, the European Union’s landmark Markets in Crypto Assets (MiCA) legislative framework has moved to “trilogue” discussions among the European Parliament, Council and Commission, with the intention being a single model for licensing vendors of crypto asset services that are “passportable” across all 27 EU member states. After a knife-edge vote last month, the bill was stripped of draconian provisions that would have prohibited proof-of-work mining on environmental grounds and is now closely centered on stablecoins.

There are pros and cons in these distinctive U.S. and European approaches for the crypto community. However, all could be a moot point. Developments outside of the big Western economies are a reminder that crypto is global by nature and will grow wherever it faces the least resistance. That raises huge implications for whatever decisions to control or manage the industry are taken in U.S. and Europe.

While independent efforts by the U.S. and Europe to contain and manage the development of cryptocurrency services, the wider ecosystem around crypto will continue to develop and grow. Regulating crypto needs a more nuanced, accommodative and, most importantly, internationally coordinated approach if it is to be effective.

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