Europe Goes Full-Steam Ahead on Crypto Rules. The U.S. Has Stalled.

Europe Goes Full-Steam Ahead on Crypto Rules. The U.S. Has Stalled.

A key European Union committee on Wednesday approved the text of rules that would govern many crypto issuers in Europe and tokens like stablecoins, which have a value pegged to that of other assets like the dollar or euro. Now, the European Parliament will consider the legislation, which could go into effect as soon as 2024. Stablecoin issuers would face new reserve requirements, and those backed by non-EU currencies would need to report their transaction volume and limit how often the coins are used “as a means of exchange.”