US Congress Visiting EU To Study MiCA Amid Crypto Crackdown

Amid the crypto crackdown by regulators within the U.S., the Congress sending a group to the European Union to review the Markets in Crypto-Assets (MiCA) crypto regulation. The latest regulatory motion towards crypto is a serious concern for the crypto area.

The U.S. Congress plans to ship over a dozen staffers with crypto and fintech information to Belgium and France. The Congress members will be taught the EU’s new regulatory framework MiCA for regulating the crypto market.

Furthermore, U.S. Congress members will meet with EU officers and regulators, in addition to crypto business lobbyists, as per individuals with information of the journey. The agenda is conferences with members of the EU’s parliament and regulators, together with the European Banking Authority and the European Securities and Markets Authority.

“MiCA will provide legal certainty to companies having or wishing to launch activities in the EU,” stated Faustine Fleuret, president of French crypto commerce group Adan and a type of assembly with the delegation. “Although it will not be perfect, we will know what the rules are.”

The MiCA regulation is seen as the key crypto regulation within the EU to make sure investor safety and safety to the crypto traders. However, DeFi and its influence on the standard market continues to be a priority for the regulators. As a consequence, the ultimate vote on MiCA pushed to April attributable to delays in translating the 400-page regulation.

Moreover, the implementation of the MiCA will take extra months, with ultimate execution in 2024. However, the crypto framework is seen as a serious improvement the world over.

Crypto Industry within the U.S. Pushes for Regulation

The U.S. SEC’s regulatory motion towards crypto staking, Paxos-issued Binance USD (BUSD), and crypto exchanges taking a toll available on the market. SEC Chair Gary Gensler’s motion is seen as pressured enforcement by the business.

Brian Armstrong, CEO of crypto alternate Coinbase, believes the U.S. wants pressing crypto laws because it dangers dropping its standing as a pacesetter.

Also Read: On-Chain Data Suggests Bitcoin Price In Early Bull Market Cycle

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his information about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency business for a considerable interval and is at present masking all the most recent updates and developments within the crypto business.

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