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19 September 2021

Slow to start: Crypto regulators lagging behind blockchain industry

Slow to start: Crypto regulators lagging behind blockchain industry

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“I think it is very telling to have the SEC chief over in the EU Parliament in the midst of the recent surge in cryptos,” Pablo Agnese, lecturer in the department of economy and business organization at the Universitat Internacional de Catalunya Barcelona, told Cointelegraph, adding, “Not only are they [i.e., regulators] playing a catch-up game, they are also trying to reach a political consensus, at least in the U.S.–EU relationship.”.

Patrick Hansen, until recently head of blockchain at Bitkom — an association of German companies in the digital economy — opined that Gensler is undoubtedly aware of how decentralized and global the crypto community is, telling Cointelegraph, “With DeFi projects coming primarily out of the U.S.

In his remarks before the EU parliament’s Committee on Economic and Monetary Affairs, Gensler noted that “this $2.1-trillion asset class is truly global.

Agnese sees the environmental issue as a bit of a red herring — possibly even a way to denigrate the technology by its detractors — and he referenced a May 2021 Galaxy Digital report that claims the Bitcoin network uses less than half the energy employed by both the banking system and the gold industry, “arguably the two closest competitors if we think of cryptos as a potential media of exchange,” he told Cointelegraph.

1 remarks, Gensler noted that “nearly three-quarters of trading on all crypto trading platforms occurred between a stablecoin and some other token” in July, and he suggested that stablecoins could be facilitating those seeking to sidestep financial regulations, including AML and sanctions rules.

regulators are necessarily late to the game with regard to crypto assets.

“I think the full story is more nuanced,” he told Cointelegraph, explaining that the largest digital asset exchanges settle their trades in U.S

financial institutions have a stake in the crypto space — i.e., “are stakeholders in infrastructure and services that underpin digital assets — and regulators might prefer to be patient rather than upset the delicate balance,” he added

Goodell, for his part, was skeptical about a global crypto regulatory regime absent central bank digital currencies

“Globally harmonized regulations on digital assets will be difficult if not impossible,” he said, but with the right approach to a government-issued digital currency, “we can mitigate the systemic risk associated with digital assets and might avoid the requirement for global consensus.”

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