Though the European Union is operating to conveniently approve the milestone crypto agenda, the Markets in Crypto-Assets (MiCA), via the legislation stages, its chief of financial services is persuading the counterparts in America to make efforts to guarantee that the nature of the upcoming regulations would be worldwide, rather than local.

EU Commissioner Pushes policymakers to Give More Attention to Crypto Regulations

Mairead McGuinness (the financial services commissioner of the European Commission) stressed the point that the endeavors regarding regulation should be grand to be implemented on a global scale.

As per her, there is a requirement for them to look at the rest of the players who are engaged in the process of legislation. She added that worldwide regulation should be established in the case of cryptocurrency.

The respective comments were witnessed while McGuinness visited Washington DC. There she met Patrick McHenry (the Republican Representative) and Kirsten Gillibrand (a Democratic Senator) who is also known as a co-sponsor of the crypto bill of the United States.

The respective meetings encouraged the commissioner and she believes that the lawmakers in the United States were also on the same page.

Nonetheless, she expressed her apprehensions regarding that movement’s procrastination. She stated that there is a possibility that the issues related to financial stability will become more apparent in the case of further delays. At present, she added, there are some additional problems dealing with a deficiency in certainty.

The MiCA was approved by the European Parliament Committee on Economic and Monetary Affairs on 10th October after a vote that was conducted by the European Council.

After the linguistic and legal checks, the approval of the text’s unique form, as well as the publication thereof in the EU journal, it is expected that the crypto policies’ implementation would take place at the beginning of 2024.

Midterm Elections Hinder the Discussions among Policymakers over the Regulation

In the meantime, following the introduction of many diverse bills focusing the stablecoins and cryptocurrency generally to the common masses, the discussion among the policymakers of the United States halted.

A possible reason might be related to the next midterm elections due to which the power balance in the Senate and Congress could get re-drawn. In addition to this, the FT additionally points out the disagreement between the Republican and Democratic parties.