Last week, the Crypto-Asset Markets Act, also known as MiCA, was finally passed by the European Parliament. Although MiCA still technically needs to be approved by the European Council, there is no doubt that the world’s first comprehensive cryptographic framework will become a reality by 2024 or 2025.
Despite its flaws, the regulation will establish guidelines for the operation, structure and governance of issuers of digital assets. MiCA is “an important milestone for the crypto asset industry,” as its rapporteur, MEP Stefan Berger, put it.
The crypto community welcomed the news, with Binance CEO Changpeng Zhao pledging to comply with “pragmatic” regulations, while Gemini co-founder Tyler Winklevoss noted the lack of legislation similar to UNITED STATES.
Speaking to Cointelegraph, Patrick Hansen, Director of Strategy and EU Policy at stablecoin issuer Circle, said that MiCA will allow European crypto businesses to grow and scale faster, enabling licensed companies to offer their services in the world’s largest single market, representing approximately 450 million. people.
It remains to be seen whether the United States will emulate the MiCA or continue to regulate through law enforcement. At least one country has already pledged to adopt MiCA nationwide: Deputy Chairman of Ukraine’s Parliamentary Committee on Taxation, Yaroslav Zheleznyak, revealed that his colleagues were already working on implementing “some provisions of the MiCA”.
Rep. Davidson to Introduce Legislation to Fire SEC Boss Gensler for Excess Crypto
U.S. Representative Warren Davidson announced his intention to remove Securities and Exchange Commission Chairman Gary Gensler from his post after the SEC’s latest announcement that it would reconsider a proposal to redefine a ” sotck exchange “. Davidson intends to introduce legislation that would effectively oust Gensler and replace the role with an executive director who “reports to the board (where the authority resides)”.
Meanwhile, Gensler himself declined to give a clear view on whether Ether (ETH) should be classified as a security during a congressional hearing. The SEC Chairman is under heavy pressure, with Rep. Patrick McHenry, Chairman of the U.S. House Financial Services Committee, publicly demanding that he provide “clear rules of thumb” for crypto.
SEC Accuses Bittrex of Unrecorded Trades, Calls Six Token Titles
Despite continued criticism, the SEC continues to take regulatory action against the crypto industry in the United States. Last week, the agency accused crypto-asset trading platform Bittrex and its co-founder and former CEO William Shihara of operating an unregistered national securities exchange, broker and clearing agency.
In its complaint, the commission argues that OMG, Dash (DASH), Algorand (ALGO), Monolith (TKN), Naga (NGC) and IHT Real Estate Protocol (IHT) – which are traded on Bittrex – are securities. The complaint seeks restitution, sanctions and permanent injunctions against the defendants in a jury trial.
Hong Kong court rules cryptocurrencies are property
In a ruling regarding former crypto exchange Gatecoin, a Hong Kong court has recognized cryptocurrencies as property that can be held in trust. The court found it appropriate to follow the reasoning applied by other jurisdictions that crypto was property and could be the subject of a trust. The ruling could give insolvency practitioners in Hong Kong greater clarity regarding digital assets. Confirming that crypto constitutes property, similar to other assets like stocks, brings Hong Kong into line with other jurisdictions.