Overview
Arvin Abraham, partner at law firm McDermott Will & Emery, said:
“Karel Lannoo’s article ‘EU’s proposed crypto regulations are flawed’ makes many relevant observations, which will hopefully help steer public debate on the future of the Markets in Crypto-assets Regulation (MiCA). However, one of the article’s own fundamental premises is flawed.
It calls out MiCA for establishing different standards for the regulation of crypto-assets than the established regulations for securities. However, this is exactly what is needed in the view of many crypto-market actors. Crypto-assets embed novel technologies, such as the full traceability of past transaction history on a blockchain, that have not been present for traditional securities. Given the advances in technology that crypto-assets represent, the regulatory frameworks covering them should be constructed accordingly, rather than porting over regulations that don’t appropriately address their use cases and underlying innovation.”