The US Congress has sent a team to the EU to study the MiCA regulatory act

It is reported that the United States Congress will send a team consisting of more than ten people (mainly encryption and financial technology experts) to Brussels and Paris to study the EU MiCA regulatory act. Six people familiar with the trip said that they would meet with EU officials and regulators, as well as encryption industry lobbyists from EU enterprises and trade groups.

Interpretation of this information:

The United States Congress is sending a team of experts to study the European Union’s proposed regulation for cryptocurrency markets, also known as the Markets in Crypto-Assets (MiCA) act. The team will be composed of more than ten individuals, primarily experts in encryption and financial technology. The group will reportedly travel to Brussels and Paris to meet with EU officials, regulators, lobbyists from EU businesses, and trade groups.

This move suggests that the United States is taking a serious interest in European efforts to regulate the cryptocurrency space. The US has generally taken a more hands-off approach to cryptocurrency markets, with regulatory oversight largely left to individual states. However, growing concerns about fraudulent activities and lack of consumer protection have led some US lawmakers to consider new regulations.

The MiCA act proposes to create a framework for the regulation of crypto-assets and associated service providers. It would establish requirements for issuers, providers, and traders of crypto-assets, including rules for custody and the handling of customer funds. The regulation would also require companies to disclose information such as their ownership, financial situation, and risk management procedures.

The visit by the US congressional team to Europe is likely an effort to gather information about the practicalities and implications of regulating the cryptocurrency space. The meetings and discussions with EU officials and industry stakeholders may help the US Congress to better understand the kind of regulations that may be effective in protecting consumers and investors.