EU Commissioner calls on Europe and the US to jointly regulate cryptocurrencies

European Union Commissioner for Financial Services Máiread McGuinness has called on the EU and the US to unite in regulating the industry.

In her column in The Hill, she says that cryptocurrencies have already become mainstream: «Just think of the Super Bowl commercials. More and more investors, including young people, are trying their hand at the cryptocurrency market. Their attention is drawn to social media, where promises of high profits and prospects for building a new, open and innovative financial system are published. But investing in volatile digital currencies can be risky.»

Under the aegis of concern for young minds and the environment, Ms. McGuinness writes: «But cryptocurrencies are global, and our approach should be global too. I believe that the EU and the US together can pave the way for a common international approach to cryptocurrency regulation. Together, we can enable innovation in finance while protecting consumers and maintaining financial stability.»

Also in her publication, Mairidh McGuinness called on authorities at all levels to accelerate concrete steps in regulating cryptocurrencies and start using the best practices that governments already have.