After a long wait, it appears crypto regulation is finally taking shape across the world. Specifically, investors expect President Joe Biden and the European Union to announce their respective crypto policies in the coming days.
The news is welcome after the U.S. has floated the idea of crypto regulations for several months now.
Policymakers have held several meetings regarding digital currencies. One of the more recent of these was the House of Representatives’ hearing on the energy impacts of the blockchain industry. This followed an initial December meeting between lawmakers and executives in the crypto industry, who provided a rundown of essential knowledge.
Things became more interesting in February, following reports that Biden would be unveiling an executive order on crypto that month. However, the ongoing Russian invasion of Ukraine has delayed any move by the White House on this front. The same, it seems, is true for the European Union.
As this week kicks off though, it appears crypto regulation is back on the table.
Crypto Regulations Coming Soon From U.S. and E.U.
According to Reuters, Biden is pivoting back to his focus on digital assets. As soon as this week, investors could get a look at his promised executive order.
So what will this look like? And what will it mean? Notably, investors expect Biden to appoint somebody with regulatory authority to lead crypto policy. Experts expect that the new role will include full oversight over government agencies related to the crypto market. As Blockworks reports, Rostin Behnam, chair of the Commodity Future Trading Commission (CFTC), has expressed interest in regulating the crypto spot market.
Across the Atlantic, meanwhile, the E.U. is preparing for its own crypto regulation. Barring any delays, the parliament of the European Union will vote on the Markets in Crypto Assets (MiCA) bill on March 14. This legislation, drafted first in late 2020, is meant to serve as a regulatory framework for the organization. It also emphasizes supporting innovation in crypto assets and bringing protection to crypto investors.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
