{"id":7939,"date":"2023-05-12T16:48:44","date_gmt":"2023-05-12T20:48:44","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/us-secs-hester-peirce-says-european-regulation-mica-could-serve-as-a-model-for-the-us\/"},"modified":"2023-05-12T16:48:45","modified_gmt":"2023-05-12T20:48:45","slug":"us-secs-hester-peirce-says-european-regulation-mica-could-serve-as-a-model-for-the-us","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=7939","title":{"rendered":"US SEC\u2019s Hester Peirce Says European Regulation MiCA Could Serve as a \u201cModel\u201d for the US"},"content":{"rendered":"
\n

Republican leader at the US Securities and Exchange Commission said Europe\u2019s legislation to regulate cryptocurrency could be a model as the country grapples with how to write rules for the industry.<\/p>\n

SEC Commissioner Hester Peirce, also nicknamed \u201cCrypto Mom,\u201d spoke at a Financial Times live event this week.<\/p>\n

\u201cMiCA can serve as a model for us,\u201d Peirce said.<\/p>\n

European Union lawmakers voted<\/u> in April to pass the Markets in Crypto Assets law (or MiCA).
\u00a0<\/p>\n

MiCA establishes<\/u> rules for crypto aimed to ensure that crypto transfers can always be traced and for suspicious transactions to be blocked.\u00a0<\/p>\n

The law would cover transactions above \u20ac1000 from so-called self-hosted wallets when they interact with hosted wallets.\u00a0<\/p>\n

“The rules do not apply to person-to-person transfers conducted without a provider or among providers acting on their own behalf,\u201d according to a statement.<\/p>\n

Moves in the US<\/h2>\n

Peirce also said she was not optimistic about the regulatory system but said Congress is \u201cworking on some things.\u201d<\/p>\n

The House Financial Services Committee and House Agriculture Committee are set to introduce comprehensive legislation to oversee the cryptocurrency sector in the next month or so.<\/p>\n

Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y. have plans to introduce a revised version of the Responsible Innovation Act this spring, according to Blockworks<\/u>.\u00a0<\/p>\n

The bill, which was first introduced in June, will be more detailed when defining tokens and clarify definitions, the lawmakers said.\u00a0<\/p>\n

The pair delegated oversight of the most popular cryptocurrencies to the Commodity Futures Trading Commission while addressing stablecoins and taxes.<\/p>\n

Lawmakers too have held hearings regularly to discuss crypto, with one slated in the House Financial Services Committee for May 18 on stablecoin legislation.<\/p>\n

Several bills made progress last year, but lawmakers were unable to pass comprehensive legislation on crypto.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Republican leader at the US Securities and Exchange Commission said Europe\u2019s legislation to regulate cryptocurrency could be a model as the country grapples with how to write rules for the industry. SEC Commissioner Hester Peirce, also nicknamed \u201cCrypto Mom,\u201d spoke at a Financial Times live event this week. \u201cMiCA can serve as a model for […]<\/p>\n","protected":false},"author":1,"featured_media":7940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-7939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nUS SEC\u2019s Hester Peirce Says European Regulation MiCA Could Serve as a \u201cModel\u201d for the US | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Republican leader at the US Securities and Exchange Commission said Europe\u2019s legislation to regulate cryptocurrency could be a model as the country\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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