Patrick McHenry (R–N.C.), chair of the U.S. House Financial Services Committee, said “First Mover Americas” on Tuesday that the European Union is in the lead on Web3 technology now that it has passed a new crypto law.
Last week, the European Parliament decided on the Markets in Crypto Assets Regulation (MiCA), which will require wallet providers, exchanges, and stablecoins to get licenses starting in 2024. Similar bills in the U.S. have not been passed by the government.
McHenry praised the European Union
McHenry said “showing us with Web3 they’re ahead of the game of the United States,” despite the European Union’s stumbles on previous internet technology. That should send chills up the spines of Americans, because economic growth comes out of that technology ingenuity.”
“That the Europeans have a technology-forward law line here shows how behind the United States is,” he added. “We should be the leader of the world when it comes to technology deployment, not running second to Europe.”
Even though Democrats were against his bills on stablecoins and the structure of the crypto market, McHenry was positive about their chances. In the meantime, a lot of crypto players have been left in a legal limbo.
During a meeting last week, McHenry asked the head of the Securities and Exchange Commission, Gary Gensler, to make it clear whether crypto assets like ether (ETH) are regulated securities or commodities.
EU officials have asked other major countries to follow MiCA’s example to make sure that security is the same everywhere. During a discussion on April 19, members of the European Parliament said that the law would end the “Wild West” of unregulated cryptocurrency and restore the trust that was lost when Sam Bankman-Fried’s FTX exchange crashed.
On Tuesday, MiCA also got praise from the U.K. A lawmaker named Lisa Cameron, who chairs a cross-party group on crypto issues, said that MiCA was a “significant positive step” toward clear regulations and could serve as a “useful blueprint” for the U.K.’s own crypto law.
Content Source: coindesk.com