Crypto’s Global Evolution From Disruption to Mainstream Adoption
Analyzing policy and the builders globally
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Since the FTX collapse, there has been more regulatory scrutiny on the cryptocurrency industry.
Ironically, Sam Bankman-Fried’s political ties to politicians and government leaders like SEC chairman Gary Gensler have led to distancing from the crypto market.
Along with distancing itself from FTX, the United States (US) government has continued to tussle with the crypto industry with lawsuits with crypto behemoth Ripple and Coinbase. On top of the lawsuits filed, policymakers are flooding the market with content that spews negativity toward the crypto space.
Despite the negative press surrounding founders in the crypto space, they need to be mindful of the incoming regulations, especially in the US if they aim to be a global entity.
While the US regulators continue to distance themselves from crypto, other nations have been conducting their due diligence on how to implement digital assets in their economies and society.
Foreign Territories are Setting the Precedent for Crypto Regulations:
The Markets in Crypto Assets Regulation (MiCA) is not a bill proposed in the US, but rather a framework in the European Union (EU).
The European Union aims for MiCA to set the precedent for what a crypto framework should encompass.
The United Kingdom (UK), a former member of the EU, is also developing a crypto framework centered around crypto assets. With London traditionally being one of the globe’s top financial centers, it all but makes sense that the country would want to be a major player in the future of finance.
These two frameworks proposed by the United Kingdom and the EU show that each region has a positive outlook on the future of cryptocurrencies.
The proposed frameworks from both the United Kingdom and the EU indicate a positive outlook towards cryptocurrencies, which is driving a competitive atmosphere for crypto innovation between the two regions. This competition serves as a signal to other nations that if they do not act with the same urgency, they risk missing out on a significant competitive advantage.
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