Europe’s legislation could be a model for regulating cryptocurrency as the country grapples with the way it writes rules for the industry, the Republican leader at the US Securities and Exchange Commission said.
SEC Commissioner Hester Pierce, also known as “Crypto Mom,” spoke at a Financial Times Live event this week.
“MiCA can serve as a model for us,” Pierce said.
European Union Legislators voted In April to pass the Markets in Crypto Assets Law (or MiCA).
mica installs The regulations for crypto are aimed at ensuring that crypto transfers can always be traced and that suspicious transactions can be blocked.
The law will cover transactions above €1000 from so-called self-hosted wallets when they interact with hosted wallets.
“The rules do not apply to person-to-person transfers made without the provider or between providers acting on their behalf,” according to a statement.
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Pierce also said she was not optimistic about the regulatory system but said Congress is “working on some things.”
The House Financial Services Committee and the House Agriculture Committee are set to come up with comprehensive legislation to oversee the cryptocurrency sector in the next month.
Sens. Cynthia Loomis, R-Wyo., and Kirsten Gillibrand, Dn.Y. plans to introduce a revised version of the Responsible Innovation Act this spring, according to blockworks,
Bill, which was first introduced juneThe lawmakers said that more detail will be given when defining the token and clarifying the definitions.
The pair entrusted oversight of the most popular cryptocurrency to the Commodity Futures Trading Commission, addressing stablecoins and taxes.
Lawmakers have also held regular hearings to discuss crypto, with one on stablecoin legislation slated for May 18 in the House Financial Services Committee.
Several bills made progress last year, but lawmakers were unable to pass comprehensive legislation on crypto.
