The global digital assets industry is trading under increased volatility due to the absence of Crypto regulations. Amid the call for clearer crypto related laws European Union (EU) financial services chief has urged the US policymakers to form a conclusion over it.
Increased need for crypto regulation
As per a report, Mairead McGuinness, the EU financial services chief has issued a warning over the digital assets citing a threat to financial stability. She mentioned that any crypto regulations inflicted on the market would need to be put in the global order.
McGuinness highlighted that they need to see other nations also who are keen to form laws around the crypto market. However, there are several authorities that are trying to catch up with the EU’s implemented crypto regulations. She added that there different players in the market but with the same objective.
The report suggests that the Irish commissioner met US politicians on Capitol Hill. She had a brief conversation about how to regulate the crypto industry. The commissioner sensed that US policymakers are in the same line with the EU. However, European policymakers are more concerned regarding the crypto regulations and market.
Meanwhile, the US regulator and its officials seem to be divided over the need for clearer crypto regulations. Reports suggest that Hester Peirce, the SEC commissioner has called out the regulators for keeping the non-fungible token (NFT) creators and traders unaware of certain laws.
However, Peirce mentioned that there are certain NFTs that could be regulated like bonds or stocks in the market.
