Mairead McGuinness, the commissioner for financial services, financial stability and capital markets union at the European Commission, is calling for global regulators to work together to address potential risks in the crypto market.
In a Sunday opinion piece in political media outlet The Hill, McGuinness said the European Union and the United States could help lead the world in a regulatory approach for cryptocurrencies that considers the benefits of the innovative technology while addressing “significant risks.” The EU commissioner pointed to the volatility of certain assets, the risk of insider trading, the possibility of crypto being used by Russia to evade sanctions and environmental concerns.
“To make rules on crypto fully effective, crypto requires global coordination and joint international principles,” said McGuinness, adding:
“A global agreement on crypto should first enshrine that no product remains unregulated. Second, supervisors should collect and exchange information globally. Third, any agreement must protect retail investors. Fourth, the crypto ecosystem should fully integrate environmental considerations.”
Read more: cointelegraph.com