Wow.
In an historic election, Donald Trump has once again captured the spirit of a nation.
I promise, I won't make this too political. I just want to talk about Crypto.
As we know, the US Securities and Exchange Commission (under Chairman Gary Gensler's leadership), has gone beyond any previous SEC mandate with respect to Crypto regulation and enforcement activities.
Gensler has brought more than 100 actions against crypto firms so far at the SEC, and he believes crypto belongs under SEC jurisdiction.
Crypto firms disagree.
So many things! But here's some of the highlights:
These are big promises, but - love him or hate him - Trump is a man with big goals.
Let's take that as given, and keep going...
The US SEC has clearly a giant influence on global markets.
But the SEC's efforts have been doomed from the start - the SEC is trying to "create regulation" without the right legal framework. They are trying to regulate Crypto, using the a regulatory framework designed for stocks and bonds.
It was clearly never going to work.
Crypto is different and needs a different approach.
I won't go into everything, I've written about it in the past.
But for now - here's the TLDR on MiCA:
Some of this is already in effect. The rest comes into force Dec 31, 2024.
(Well, there's more, but this is TLDR version - what do you expect?)
Well, clearly we know that there are other countries. But the United States of America are a powerful nation with lots of resources. They don't need to worry about what everyone else is doing!
Well, actually, maybe that's not entirely true.
The EU is also a big player, with a lot of nations, citizens, capital and innovation too.
The major crypto exchanges aren't going to risk losing access to EU customers, so they are going to fall in line. And they will require their listed tokens to fall in line too.
Then, as token issuers adapt processes so they can offer their tokens to Europe, it will become familiar and good business to offer the same set of disclosures everywhere.
So this is going to trickle around the world.
I've read through the requirements.
As far as regulations go - this is pretty light. I'm impressed at the crypto-friendly approach that the EU has taken.
They have taken the approach to make the crypto exchanges the "Enforcers" - which they already were, in a way.
They aren't slowing down innovative companies from doing amazing things. They are just making sure that buyers and investors know what they are getting.
And at the end of the day - isn't that what every project supporter wants?
Happy HODLing!
Nice article for us non US crypto lovers!
I know! I was surprised to find out there were other countries too! 😁
Congratulations @oaaguy! You received a personal badge!
You can view your badges on your board and compare yourself to others in the Ranking