监管改革

The future of stablecoins does not depend on what they are pegged to, but on whether settlements can be cleared in real-time and comply with regulations.

#稳定币 #监管改革

European Central Bank Warns: Weak Cryptocurrency Regulation, Trump’s Policy Stance May Trigger Financial Risks

Recently, the European Central Bank (ECB) expressed concerns over the weak regulation of cryptocurrencies, suggesting that under President Trump's support for cryptocurrencies, it may lead to financial instability.

Meanwhile, the European Central Bank and the European Commission have differing views on whether the new EU cryptocurrency rules can withstand the financial risks posed by a potential Trump return.

According to POLITICO, the European Central Bank warns that Trump’s support for the U.S. cryptocurrency industry could trigger a financial "tsunami," emphasizing the urgent need for reform in the regulation of crypto assets. The central bank stated that existing regulations are too lenient on the "multi-party issuance" model, while the new policy allows for collaboration between European and non-European stablecoin issuers.

ECB President Christine Lagarde emphasized that the MiCA regulation urgently needs revision and hinted that the European Commission and other EU institutions have "recognized" the unique threat posed by stablecoins.

However, a member of the European Commission holds a different view, believing that the risks posed by global stablecoins "seem to be overstated and can be effectively controlled under the current legal framework."

An EU official stated that the ECB’s claims regarding the run risk associated with stablecoins being 1:1 convertible with assets are purely "nonsense," accusing the ECB of exaggerating the threat of dollar stablecoins to promote the digital euro project that the ECB will launch in October.

In summary, the ECB is concerned that the surge in dollar-backed stablecoins could lead to these stablecoins dominating the market, potentially attracting European capital into U.S. debt, thereby undermining the EU's financial independence.

At the same time, the bank also warned that European issuers may be forced to redeem euros and foreign tokens, thus putting euro reserves at risk of being "run".

This indicates that the debate over financial autonomy has transcended mere technical discussion and may have risen to the level of geopolitical economic strategy.

What are your views on the ECB's warning? Can the MiCA framework really withstand cross-border financial risks? Could dollar stablecoins become a "Trojan Horse" for U.S. financial influence?

#加密货币 #欧洲央行 #金融风险 #监管改革

SEC Chairman Calls for Cryptocurrency Reform Regulatory Framework, Promises to Establish a 'Reasonable Regulatory Framework' for Digital Assets

On May 13, SEC Chairman Paul Atkins announced a plan to modernize cryptocurrency regulations at a crypto roundtable, aiming to solidify the United States' position as a blockchain innovation hub, and to support the development of the digital asset market with reasonable regulation, rather than unpredictable enforcement actions that hinder innovation.

Chairman Atkins proposed a cryptocurrency reform agenda covering three aspects:

· Issuance: Aimed at simplifying compliance for cryptocurrency issuance, expanding legitimate custody options, and improving modern trading frameworks, while considering exemptions, safe harbors, and disclosure guidelines related to cryptocurrencies.

· Custody: Supporting the repeal of restrictive announcements, clarifying the definition of 'qualified custodians,' and developing custody rules to accommodate self-custody and industry best practices.

· Trading: Supporting brokerage firms in providing comprehensive services and considering conditional exemptions to accommodate new products.

Meanwhile, in response to President Trump’s call to make the U.S. the 'cryptocurrency capital of the world,' SEC Chairman Atkins warned that innovation may flow overseas unless the SEC adapts.

He also praised the crypto working group led by Mark Uyeda and Hester Peirce for breaking down internal silos and providing rapid regulatory guidance for the entire agency.

Atkins emphasized that SEC rules must balance investor protection and innovation, with anti-fraud enforcement remaining a priority, and regulation returning to focus on violations rather than replacing policy with enforcement 'intent.' At the same time, the SEC will continue to formulate rules, provide guidance, and coordinate among agencies to strive to make the U.S. a leader in tokenized financial infrastructure.

However, this reform plan also faces numerous challenges. Firstly, the complexity and decentralized nature of cryptocurrencies make regulation exceptionally difficult. Secondly, how to protect investor rights without stifling innovation is a key issue that the SEC needs to address.

Additionally, other major economies around the world are also actively formulating their own cryptocurrency regulatory policies, and whether U.S. reforms can remain competitive globally is still uncertain.

What do you think about Atkins' reform plan? Do you believe the SEC's new regulatory framework can balance innovation and investor protection? Leave your thoughts in the comments!

#SEC #加密货币 #监管改革