At the present moment, it seems like the European Union is more inclined towards crypto than its counterparts in the U.S., which is helping to draw more U.S. crypto companies to the EU. However, there are also apprehensions and speculations doing the rounds that the EU may just follow the path of the U.S.
All eyes are on the Chairman of the Securities and Exchange Commission, Gary Gensler, who is in the midst of taking legal action against Coinbase and Binance. MiCA also seems to be playing its own role. As for a senior policy fellow of the European Blockchain Association, Erwin Voloder, he believes they should refrain from looking at every aspect of transferable security by default, as is being done in the U.S.
The European Parliament’s Economic and Monetary Affairs Committee has brought out a paper mentioning that crypto assets should be viewed in the form of securities and that decentralized finance platforms need to be considered above board.
However, in the case of the payments and crypto unicorn, Revolut, they are seriously considering shifting their business to France, as getting a banking license in the UK is becoming an uphill task. As far as the CEO of Coinbase, Brian Armstrong is concerned, he has refuted the charges made by the SEC.
In the opinion of Gensler, crypto fails to comply with the securities laws. He is also of the bent of mind that a lot of altcoins, which are the tokens utilized by Solana, Cardano, and others, are meant to get themselves listed with the Feds. It is feared that if the verdict does not go in favor of Binance and Coinbase, it will seriously affect the overall crypto arena in the U.S.
In the EU, policymakers are looking towards executing the rules regarding stablecoin release and licensing and safeguarding consumers. The U.S. has recently forwarded a fresh bill pertaining to regulations around crypto. In contrast, in the EU, regulators are demanding a reconsideration of MiCA to plug the supposed holes, particularly in the case of decentralized finance.