Former Commodity Futures Trading Commission (CFTC) chief Chris Giancarlo says the proposed European Union Crypto Asset Markets Act (MiCA) could end up exporting European crypto regulation and harm the United States’ chances of establishing more concrete rules.

Speaking at a summit Thursday, July 28, Giancarlo said he was “concerned” about how quickly the bill was moving, according to a CoinDesk report. The MiCA bill has not yet been enacted, but it seeks to clarify the regulation of the crypto industry in Europe.

“It contains very broad provisions that in a sense would export its approach to crypto assets to the United States,” he said.

Giancarlo added that the United States must “continue the momentum” and put in place its own framework, which would “clarify that for American activities, there will be American regulations, not European regulations”.

However, the United States has been unable to define concrete rules for digital assets, and MiCA may be able to fill the void.

Additionally, CFTC Commissioner Caroline Pham said it was “very difficult” to change things if market structures changed around “all this huge money and capital investment.”

There has been a lot of buzz about the proposals for regulation of digital assets, including Mairead McGuinness, the European Commissioner for Financial Services, saying the passage of MiCA was urgent because the rules are “the right tool to address concerns regarding consumer protection, market integrity and financial stability.

Read more: EU Commissioner urges Parliament to pass rules on crypto to protect consumers

Speaking to the European Parliament earlier this year, McGuinness said EU sanctions apply to crypto despite fears the coins could be used to circumvent them.

She said implementing the sanctions could be easier if there were good rules in place, adding that the MiCA is needed to regulate crypto assets and crypto asset service providers, due to various crises such as recent coin crashes and volatility.

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