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Some members of the US House of Representatives Committees on Agriculture and Financial Services pointed to crypto asset frameworks being employed outside the country when debating domestic regulatory loopholes.
At a joint hearing on May 10 on the future of digital asset regulation, some lawmakers pointed to the European Union’s Markets in Crypto Assets framework and UK digital asset regulation in contrast to the patchwork of requirements in the United States. In response to questions raised by Oklahoma representative Frank Lucas, Kraken’s chief legal officer Marco Santori said the US-based exchange had made plans to invest in the EU and was in the process of investing in the UK. , finding the US regulatory environment difficult to assess.
“Other jurisdictions are moving forward and have been,” Santori said. “These are G20 jurisdictions with sophisticated financial services markets and sophisticated tech industries. The US lags significantly behind in that regard.”
Maxine Waters, a member of the House Financial Services Committee, said that some efforts had been made to establish a “totally new market structure” for cryptocurrencies in the United States, amid a lack of clarity among regulators, as the Commodity Futures Trading Commission and the Securities and Exchange Commission. Wisconsin Representative Bryan Steil added that the US Congress was prepared to regulate cryptocurrencies, but suggested that in Switzerland and Europe there was “a much more progressive approach.”
“Switzerland provided a very clear regulatory framework very early on,” Web3 Foundation legal director Daniel Schoenberger said in response to Steil’s questions. “This framework that they provided certainly provided the legal certainty to be headquartered there and have legal clarity around the classification instantly.”
Steil implied that jurisdictions such as the EU with MiCA, Dubai with its Virtual Assets Regulatory Authority, Singapore and South Korea “they were not advancing through a regulatory approach, but by proposing traffic rules and regulations”. This approach, the legislator suggested, could encourage investment and innovation.
Congress has scheduled several hearings in May to discuss the regulation of digital assets, the recent failure of large banks and the oversight of federal financial regulators.
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