Breaking - Historical Regulation for Crypto in the US!
Setting the stage for the most historical event in Crypto Regulation as the pair of financial services committees come together for a new round of insight and questions on driving the crypto narrative forward.
Who was involved:
Hearing
Joint Financial Services-Agriculture Subcommittee Hearing Entitled: The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets
Wednesday, May 10, 2023, 9:30 AM in 1100 LHOB
Subcommittee on Digital Assets, Financial Technology, and Inclusion
Mr. Andrew Durgee, Head of Republic Crypto, Republic
Mr. Matthew Kulkin; Partner and Chair, Futures and Derivatives Practice, Wilmer Cutler Pickering Hale and Dorr LLP; former Director, CFTC Division of Swap Dealer and Intermediary Oversight
Mr. Marco Santori, Chief Legal Officer, Kraken Digital Asset Exchange
Mr. Daniel Schoenberger, Chief Legal Officer, Web3 Foundation
Mr. Timothy Massad, Research Fellow, Harvard Kennedy School Mossavar-Rahmani Center for Business and Government and Director, M-RCBG DigitalAssets Policy Project
Mr. Michael Blaugrund, Chief Operating Officer, New York Stock Exchange
Hearing Video
https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=408754
Additional Research
https://inflationchart.com/spx-in-btc/?logarithmic=1
https://solanaclimate.com/?ref=solana.ghost.io
https://twitter.com/FilFoundation/status/1656305789730971649
MiCA can ‘serve as a model for US crypto regulation, SEC’s Peirce says
MiCA is designed to establish a comprehensive regulatory framework for crypto-assets, including stablecoins and virtual asset service providers (VASPs). The regulation aims to provide legal certainty, and consumer protection and foster innovation within the European Union.
Critical provisions of MiCA include:
Authorization and supervision: The regulation introduces a regulatory regime for issuers of crypto-assets and VASPs, requiring them to obtain authorization from relevant authorities and adhere to specific requirements.
Investor protection: MiCA seeks to enhance investor protection by introducing disclosure and transparency requirements for issuers, as well as rules on conflicts of interest, custody, and asset segregation.
Stablecoins: The regulation specifically addresses stablecoins, which are cryptocurrencies designed to maintain a stable value by pegging them to an underlying asset. It establishes additional requirements for stablecoin issuers, such as capital requirements and governance arrangements.
Passporting: MiCA includes provisions for passporting, allowing authorized entities to operate across multiple EU member states, thereby promoting cross-border business activities.