The European Union's crypto rules, which weaken financial privacy for the sake of consumer protection and national security, could set the global standard. Why haven't U.S. authorities been so effective? Opinion for 'The Node' newsletter by danielgkuhn
of the legal framework. But. in short, MiCA requires crypto firms – like wallet providers and exchanges – to be licensed by the EU, and comply with money laundering and terrorism finance safeguards if they want to serve EU-based customers. Some have balked at the reporting standards, which will undoubtedly weaken privacy for crypto users in the name of customer safety and national security.
But considering how regulatory uncertainty has damped the crypto industry’s ability to grow over the past decade , the move brings some amount of welcomed transparency and stability. Binance CEO Changpeng ZhaoAll this is in comparison to the two other massive crypto markets – the U.S. and China. At least on paper, China has officially banned all crypto activity – but recent smoke signals suggest that freeze could thaw .
There are still authorities in the U.S. working to legitimize and regulate crypto, even if some high-powered officials like Gary Gensler, chairman of the U.S. Securities and Exchange Commission , are opposed to writing new rules. According to Gensler, the financial rules already on the books areto cover the novel peculiarities of decentralized tech.
Right now, ether , the second-largest cryptocurrency by market cap and the native token of the Ethereum blockchain, is in a situation similar to Schrödinger’s security – stuck in a superposition of being both lawful and not, essentially because Gensler has said ether
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