The ex-head of CFTC saw a threat in the European bill on crypto regulation

The efforts of the EU authorities in the field of cryptocurrency regulation can lead to the imposition of the European model, which will cause damage to the ability of US supervisory authorities to effectively create its own rules. This opinion was expressed by the ex-chairman of CFTC Christopher Dzhancarlo, writes Coindesk.

The former official referred to the bill on the regulation of Mica cryptocurrencies, pre -agreed by the EU Council and the European Parliament in early July.

The document describes the rules that apply to issuers of unsecured crypto acts, stablecoins, trade and caste -casual platforms. However, it does not affect NFT. Within the next 18 months, the European Commission may supplement it with the relevant provisions.

“I am very concerned about the rate of development of Mica. He has very broad provisions that in a sense export this approach to crypto actes to the United States, ”said Dzhancarlo.

He called on the Congress to “gain momentum” in the field of the formation of the regulatory framework. According to him, the United States must create its own structure, but “do not accept the regulation emanating from the EU”.

“I have great respect for Europe, but their markets are very different,” the former official concluded.

Earlier, Dzhancarlo called for the creation of more clear rules for the cryptocurrency industry against the background of Coinbase conflict from SEC . The reason for the dissatisfaction of the regulator was the plans of Bitcoin-Birzhi to launch the crypto-saving accounts of LEND.

In July, a member of the House of Representatives of the United States, Tom Emmer accused SEC of “unethical” to the crypto industry. In his opinion, the department uses unscrupulous methods when it comes to digital assets.

Criticism against the commission was also the head of Ripple Brad Garlinghaus. According to him, the regulator uses a forced approach instead of working on clear rules for the industry.

Recall that CFTC has criticized the SEC method of regulation through coercion.

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