Crypto lobbyists have a new cudgel in their intensifying battle with U.S. regulators: Europe wants their business.
Industry leaders are increasingly making the trans-Atlantic juxtaposition to argue for clearer regulations as U.S. agencies begin to enforce decades-old rules for trading and banking in the crypto world. Congress is nowhere near the point where it might craft a federal standard for digital currency, so regulators appointed by President Joe Biden are filling the void.That’s in contrast with the European Union, which is preparing to activate new laws tailor-made for digital asset companies.
At stake is America’s reputation as a promoter of innovation and a global hub for finance. While the crypto world has lost political clout in recent months, the advancement of the EU is providing fresh motivation for industry allies in Congress to press ahead with their agenda.“The European Union’s ahead of us. Switzerland’s ahead of us. Australia’s ahead of us,” said Sen.of Wyoming, a Republican Bitcoin advocate who has drafted a comprehensive crypto regulation bill. “England’s ahead of us.
But the sector is beginning to face a sweeping crackdown by federal agencies that have lost patience with what they see as flagrant flaunting of traditional financial regulations on investments and lending. European officials — prompted by fears of big tech minting private money — effectively stopped the project from launching.
To be sure, some European officials are concerned that the new law isn’t sufficient to head off another debacle at a global crypto company like FTX. They want to layer on additional safeguards. “The tension between the European Commission, the Council and the parliament means that EU rules are especially complicated, and that’s an environment in which industry lobbyists thrive,” Hays said.
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