A Crypto Law Across The Pond Could Make Splashes On Your Portfolio
'If it's shaky, push it over!' - Rick Roderick on Nietzsche, and maybe Dogecoin?
So yeah, first off, if you clicked this — sorry bout your Bitcoin investments, man. Nobody could have seen this coming, big bro. Hold the line, Gary Vee, etc. Okay, now that the 20-somethings with middle class aspirations and no work ethic whose retirement plan leans heavily on meme money have been satiated, let’s talk about the grown people stuff. Regulations are a-comin’ for crypto.
Meanwhile, last week, the EU struck a provisional deal on a groundbreaking set of crypto rules. Known as Markets in Crypto-Assets (MiCA), the landmark law is set to come into effect in 2023 and become the world’s first regulatory framework for digital assets.
[T]he EU’s watchdogs will closely monitor crypto for signs of market manipulation and insider trading to protect investors from Ponzi schemes and so-called “rug pulls”. Crypto providers will have to comply with strict requirements and will be held responsible for any market abuse.
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On top of that, the European Parliament agreed on a separate set of rules on crypto traceability that imposes traditional finance-like reporting standards on crypto. The bill aims to ensure that all crypto transactions are traceable “from the first euro sent”.
Much like GDPR, I suspect that the EU’s legislating will impact our shores as well. Given that much of the crypto market banks on its untraceability as a major selling point, the coming regulations may put a damper not only on the economic value of the coins, but the philosophic grounding for their use. Such ground was already shaky, anyway.
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Chris Williams became a social media manager and assistant editor for Above the Law in June 2021. Prior to joining the staff, he moonlighted as a minor Memelord™ in the Facebook group Law School Memes for Edgy T14s. He endured Missouri long enough to graduate from Washington University in St. Louis School of Law. He is a former boatbuilder who cannot swim, a published author on critical race theory, philosophy, and humor, and has a love for cycling that occasionally annoys his peers. You can reach him by email at cwilliams@abovethelaw.com and by tweet at @WritesForRent.
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