Last week, the European Parliament voted on the Markets in Crypto Assets Regulation (MiCa) law. The bill was passed with confidence. This puts the EU ahead of the US in the development of Web3 technology. It says Patrick McHenry, Chairman of the US House Financial Services Committee.

America is lagging behind in crypto

This is of great concern to McHenry. He believes America is smashing its own windows. “Economic growth comes from technological growth,” he says. Technological advances are now disrupting American politics.

The progress of MiCa legislation is a big step for the European crypto sector. Among other things, it will enable licensing of crypto wallets, exchanges and stablecoins from 2024. American politicians do not want to hear about similar laws for now.

After many Asian countries, the European Union is also making big strides in terms of crypto legislation. According to McHenry, it would be a shame not to be able to join the US.

“The fact that Europeans have pro-technology legislation shows how far behind the US is. We should be world leaders in technology use, not second to Europe.

A dream called the SEC

One of the reasons the US lags behind in legislation is the hostility of US regulators. For example, the Securities and Exchange Commission (SEC) has fully embraced the role of crypto boogeyman. Several exchanges have already been sued by the SEC. But creating a clear legislative framework to provide clear guidelines for the crypto industry is too much to ask.

The SEC is also receiving increasing criticism from the US crypto industry. Several prominent figures have already pointed out that the SEC’s approach could lead to the exodus of many crypto companies from the US. It was announced yesterday that the exchange Coinbase will launch a counterattack and take the SEC to court. Coinbase requires one-time clarification from the financial watchdog.