During a joint hearing on digital asset regulation, members of the US House of Representatives’ Financial Services Committee and Agriculture Committee highlighted the regulatory frameworks employed by the European Union (EU) and the United Kingdom (UK) as examples to address regulatory gaps in the US. Lawmakers expressed concerns about the patchwork of requirements in the US and cited the EU’s Markets in Crypto-Assets (MiCA) framework and the UK’s digital asset regulation as more advanced approaches.
Kraken’s chief legal officer, Marco Santori, mentioned that Kraken had plans to invest in the EU and was currently investing in the UK due to the challenges of the US regulatory environment. The lawmakers acknowledged the need for a more forward-thinking and clear regulatory framework in the US, similar to what Switzerland and Europe have implemented. Congress has scheduled multiple hearings in May to explore digital asset regulation and oversight of financial regulators.