Top EU Official Calls for Global Crypto Agreement
Europe and the U.S. should work together to limit "significant risks" to investors and the environment, Mairead McGuinness said.
The European Union's financial services commissioner, Mairead McGuinness, has called for a new "global agreement on crypto" to protect investors and limit the environmental impact of bitcoin (BTC) mining.
- McGuinness, the EU's most senior financial-services official, said she wanted to ensure "no product remains unregulated," and warned of risks like sanctions evasion and financial instability, writing in The Hill.
- The EU is in the closing stages of passing new laws to regulate cryptocurrencies, including the Markets in Crypto Assets Regulation (MiCA), and recently came close to heavily restricting the energy-intensive proof of work technology that underpins bitcoin.
- Finance ministers from major jurisdictions warned of the risk of a regulatory gap back in February.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.