Today, we attended the #FTX hearing by the @EP_Economics in the @Europarl_EN.
It was an interesting discussion, with the underlying question being
"Would #MiCA have prevented the FTX collapse? Will the new rules be enough to address those issues?"
A🧵with key quotes:
1/9
It was an interesting discussion, with the underlying question being
"Would #MiCA have prevented the FTX collapse? Will the new rules be enough to address those issues?"
A🧵with key quotes:
1/9
Speakers underlined this is not a #crypto issue, but a human one
"The lack of segregation of user data in the #FTXscandal demonstrates the legislative need for the #EU to apply existing data protection rules to the #crypto market"
MEP @itinagli, Chair of @EP_Economics
2/9
"The lack of segregation of user data in the #FTXscandal demonstrates the legislative need for the #EU to apply existing data protection rules to the #crypto market"
MEP @itinagli, Chair of @EP_Economics
2/9
"The #FTXscandal is caused by human behaviour!
It is to the #crypto market what Lehman Brothers represented for the traditional finance industry. Had #MiCA been already in place, the #FTX case should have never been possible"
MEP @DrStefanBerger, MiCA Rapporteur
3/9
It is to the #crypto market what Lehman Brothers represented for the traditional finance industry. Had #MiCA been already in place, the #FTX case should have never been possible"
MEP @DrStefanBerger, MiCA Rapporteur
3/9
"The #FTXscandal will impact the whole #crypto market, and it happened because of breaches of existing rules. The @EU_Commission knows there are some debatable actions that should be assessed to avoid such an event repeats"
Alexandra Jour-Schroeder, Deputy DG of @EU_Finance
4/9
Alexandra Jour-Schroeder, Deputy DG of @EU_Finance
4/9
Speakers then debated if we need a #MiCA 2:
"One day we may need a #MiCA2, but we now need to first adopt MiCA quickly. We developed a future framework that provides protection and clear rules for #CASPS and any crypto provider".
Alexandra Jour-Schroeder, @EU_Finance
5/9
"One day we may need a #MiCA2, but we now need to first adopt MiCA quickly. We developed a future framework that provides protection and clear rules for #CASPS and any crypto provider".
Alexandra Jour-Schroeder, @EU_Finance
5/9
"#FTX collapse is not a #cryptoindustry failure. This scandal shows that there were regulated organizations active within the FTX umbrella. #MiCA's success lies in its supervision, but there is an issue of cross-border enforcement"
MEP @OKovarikMEP
6/9
MEP @OKovarikMEP
6/9
"What to do before #MiCA enters into force in 2024? Is #MiCA enough? I have serious doubts this policy alone could have prevented what happened"
MEP @ernesturtasun on #FTX collapse and and the possibility of having a MiCA II
7/9
MEP @ernesturtasun on #FTX collapse and and the possibility of having a MiCA II
7/9
"#FTXScandal is not a failure of #Bitcoin or #blockchaintechnology, it is simply fraud. Let's pay attention to #MiCA loopholes and reverse solicitation principle for which non-EU #CASPs can provide services if they do not actively target EU citizens"
@MPHoogeveen
8/9
@MPHoogeveen
8/9
"#Cryptoassets have now emerged and #investors are used to the fact that they can access a website and invest regardless of whether this is registered within the EU or not"
Steffen Kern from @ESMAComms saying reverse solicitation rules will be very strict to avoid issues.
9/end
Steffen Kern from @ESMAComms saying reverse solicitation rules will be very strict to avoid issues.
9/end
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