Coinbase’s Vice President and Regional Managing Director in Europe, Daniel Seifert, argues that while other countries are fostering “vibrant” crypto ecosystems due to progressive regulation, the U.S. government has opted for “regulation by enforcement,” leaving a vacuum for other countries to fill. Seifert’s comments come as Coinbase is seemingly on the verge of a court battle with the Securities and Exchange Commission (SEC), which issued the company a wells notice on March 22 recommending enforcement action over “possible violations of securities laws.”
In a blog post titled “Europe is winning. Will the US catch up?” Seifert emphasized that the U.S.’s regulatory approach to crypto has created “an environment of uncertainty and instability in the crypto industry.” Seifert pointed out that France, the U.K., and the European Union are now building “vibrant” ecosystems due to their friendlier approach to crypto regulation. He also highlighted the significance of the Blockchain Week event being hosted at the Louvre in Paris this month, which he sees as a clear signal that France is recognizing the opportunity that crypto presents and is offering it space to flourish.
Seifert noted that the European Union’s Markets in Crypto-Assets (MiCA) regulation, slated to come into effect in 2024, will establish a “harmonized set of rules for crypto-assets and related activities and services” and offer clear rules and guidelines for the sector. He also highlighted positive developments across the globe, including Hong Kong’s efforts to become a digital asset hub and the Canadian Securities Administration’s imposition of “enhanced investor protection commitments” on domestic crypto exchanges.
The Crypto Council for Innovation echoed Seifert’s comments in a Twitter thread, noting that “crypto is global, and nobody is waiting around for the US to land the plane.” The thread explored positive developments across the globe, including the National Australia Bank’s work with non-USD pegged stablecoins.