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Good news everybody,
Gary Gensler just became the first US Securities and Exchange Commission chairman to actually inspire businesses to want to leave the world’s largest economy.
Earlier this week, the mercurial Gensler stood in front of the US House of Representatives’ Financial Services Committee and fought with Republicans over how the agency has handled all the misfortune that has hit the crypto industry over the past year.
Republicans say Gensler needs to bring in better regulation for the industry, while Gensler pretty much painted the entire industry as thieves and liars. Democrats are supporting Gensler, calling the SEC’s targeting of crypto platforms appropriate.
If you want a taste, check out this clip of Congressman Tom Emmer grilling Gensler. Emmer at one point asks, “Does it concern you, by the way, that your approach to the digital-asset industry is actually driving this industry out of the United States?” Go watch the clip. It’s brutal.
But despite the rhetoric, it remains to be seen if crypto companies really are leaving the US. If they’re staying, it’s certainly not thanks to the effort of foreign countries. In this week’s Deep Dive, we look at how the European Union plans to attract new crypto talent with a new regulatory framework designed to make compliance easier.
— Scott
🤿 THE DEEP DIVE
What EU’s new crypto regulation means for US and Asia
Image credit: Timmy Loen
This week, the European Union became the first major economic body to pass regulations specific to digital assets. In a 566-page document, the EU made clear that it wants to create an environment where crypto can thrive.
Don’t pat the EU too hard on the back though. The original purpose of the Markets in Crypto Assets (MiCA) regulation was to rein in the development of Meta’s proposed digital currency, the now-defunct Libra.
But will the landmark regulations actually attract business from other crypto hubs? Our analysts say that while it’s a start, it’s unlikely that crypto companies, based everywhere from Silicon Valley to Singapore, will suddenly pack up shop and flood into Paris.
👀 ALL EYES ON…
What everyone’s talking about.
⭐ TO THE STARS
MORE TO CHEW ON
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