New European Union crypto rules are pointless unless the rest of the world follows suit, the bloc’s leading financial services official, McGuinnessEU, told CoinDesk. Davos2023 jackschickler reports
DAVOS, Switzerland — New European Union crypto rules are pointless unless the rest of the world follows suit, the bloc’s leading financial-services official told CoinDesk on at the World Economic Forum on Thursday.
“If we fail to do that global approach, we're going to find that there's more and more problems,” McGuinness said. “The technology is borderless.”The seeds of a likely global crypto regulatory framework have already been set by the Financial Stability Board, an international group that makes recommendations about the global financial system. Klaas Knot, the board's chairman, told an audience in Davos that he wants to completebefore the summer.
FTX’s founder and former CEO, Sam Bankman-Fried, is now facing multiple criminal charges in the U.S., including conspiracy to commit wire fraud and money laundering, to which he has pleadedSome people got involved in crypto because of their distrust of the establishment and excitement about technology, and “it just went to their head and got out of control, and then there are casualties from that,” she said.
One option is to “have places or sandboxes where we can test things out before making it freely available, and decide based on the test whether it's going to work or whether it's not,” she said, citing an approach the EU has taken in experimenting withMeanwhile, crypto providers also need to remember what they are trying to achieve, and whom they are serving, she said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Union membership drops to record low in 2022Union membership dropped to an all-time low in 2022 — 10.1% — despite a surge in organizing efforts and a more favorable view of unions that emerged during the pandemic.
Read more »
CoinDesk Broke Big News About FTX. Now the News Is Closer to Home.“My view about crypto is that it’s just not going away no matter what anybody might wish,” CoinDesk Chief Content Officer mikejcasey says. He shares with the nytimes what he predicts for the space’s future after a tumultuous year for digital assets:
Read more »
Crypto giant Digital Currency Group halts dividend payments: CoindeskDigital Currency Group, the parent company to struggling crypto trading firm Genesis, has halted its quarterly dividend payments.
Read more »
FTX bosses like Bankman-Fried gave funds to 37% of Congress: CoinDeskFTX execs gave campaign cash to 37% of Congress, including House Speaker Kevin McCarthy and Senate Majority Leader Chuck Schumer, report says
Read more »
WSJ News Exclusive | Crypto Media Outlet CoinDesk Taps Bankers for Potential SaleCoinDesk, a cryptocurrency-focused media company, has retained investment bankers at Lazard Ltd. to help it explore options including a partial or full sale, according to its chief executive officer
Read more »