From July 14 to 18, Crypto Week in the US features discussions on key regulatory initiatives for cryptocurrencies. In Europe, crypto regulation is also a hot topic.
Launch of Crypto Week in the US
US Republican House leaders announced the launch of Crypto Week, during which three important pieces of legislation related to crypto regulation will be considered. The initiatives include the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act. These bills aim to structure crypto markets, restrict the Federal Reserve's powers, and clarify stablecoin regulations.
Potential Risks of the GENIUS Act
Despite the excitement surrounding the GENIUS Act, Amundi's chief investment officer Vincent Mortier raised concerns about the act's potential negative impact on the global role of the dollar. He pointed out that the creation of dollar-backed stablecoins may inadvertently undermine the dollar's significance in the global economy. Mortier also warned about risks posed by unregulated stablecoin issuers, which could destabilize the international financial system.
MiCA Implementation Challenges in Europe
In Europe, discussions about crypto regulation continue. Benedikt Faupel, head of public affairs at Bitpanda, spoke on the inconsistencies in the implementation of the MiCA framework, which was designed to streamline EU regulations. He emphasized the need to resolve disparities in the interpretation of MiCA's rules across member states to ensure uniformity in regulation.
Overall, the current discussions on cryptocurrency regulation in both the US and Europe highlight the importance of establishing clear and consistent rules for the stable development of the crypto market.
