Former Commodity Futures Trading Commission chief Chris Giancarlo is worried that the European Union’s fast-moving Markets in Crypto Assets (MiCA) bill could lead to the global export of European-style crypto regulation, hurting U.S. regulators’ ability to effectively create rules of their own.
The landmark legal framework, which hasn’t been made law yet, aims to provide regulatory clarity to the growing crypto industry in Europe.
“I’m very concerned with the rapidity of MiCA’s evolution,” Giancarlo said at Solidus Labs’ annual DACOM summit in New York on Thursday. “It’s got some very expansive provisions that would, in a sense, export its approach to crypto assets to the United States.”
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