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EU Financial Services Chief Urged US to Regulate Crypto

Mairead McGuiness, the EU’s financial services commissioner, reportedly issued a warning concerning digital assets and the danger it poses to financial stability. European Union (EU) financial services head prompts US politicians to reach a consensus on crypto amid calls for clearer legislation.

McGuinness stressed the need to garner the support of other countries interested in regulating the crypto industry. Nevertheless, a number of governments are taking action to conform to the standards set by the European Union’s crypto legislation. She further noted that many distinct parties were trying for the same market.

She added that any crypto rules imposed on the market would have to be added to the larger international framework. The report said that the Irish commissioner visited Capitol Hill to speak with American legislators. She discussed the possibility of implementing regulations for the cryptocurrency market for a brief period as well.

The commissioner understood that US officials and the EU were on the same page. On the contrary, the crypto rules and market hold more importance to European officials. In the meantime, it seems that the US regulator and its officials are in two minds about the issue of the clarification of the crypto laws.

Hester Pierce, an SEC commissioner, has reportedly criticized authorities for allegedly failing to make the creators and traders of non-fungible tokens (NFTs) aware of certain regulations. However, Pierce suggested that certain NFTs may fall under the purview of market regulation in a similar manner as bonds and equities do.