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The topic might be a bit complex so your reporter will do his best to safely walk you through it. Ready?
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On 1 July, the EU’s landmark crypto rules took full effect. The execution was a total bust for crypto firms. Fewer than 1 in 5 of Europe’s 1,200 registered crypto companies secured a licence. And without it, they simply face shutdown.
The aim wasn’t to regulate for the sake of regulating. Brussels wanted to stop crypto scams and protect everyday investors.
Big brands like Coinbase cleared the bar, but giants like Binance got kicked out. While Brussels was working on its domestic market, Washington rewrote the rules.
Last summer, Donald Trump signed the GENIUS Act to back stablecoins. If you’re unsure what they are, I’m here to help: they are digital currencies designed to be safe by pegging their value to the US dollar. Like-for-like, but digital.
Stablecoins are not a small business. Because 95% of these tokens are tied to American currency, Trump is using this technology to expand American financial power. After all, money is power.
But here goes the plot twist. According to Euronews exclusive report, the new EU rules fail to regulate companies outside Europe so foreign companies bypass them. EU diplomats already admit the rules must be changed next year to better address how tokens created outside the EU are regulated.
It all might sound a bit complex but it’s worth knowing what all this crypto fuss is about. However, if you want to keep your money under the bed, it’s fine, I wont judge you.
Watch the Euronews video in the player above for the full story.
Read the full article here
