{"id":36456,"date":"2023-01-10T09:34:02","date_gmt":"2023-01-10T09:34:02","guid":{"rendered":"https:\/\/lydian.io\/?p=36456"},"modified":"2023-01-10T09:34:02","modified_gmt":"2023-01-10T09:34:02","slug":"crypto-assets-are-not-play-money","status":"publish","type":"post","link":"https:\/\/lydian.io\/crypto-assets-are-not-play-money\/","title":{"rendered":"\u201cCrypto assets are not play money\u201d","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 8 Second <\/div>\n\n <\/div>

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Stefan Berger, a member of the European Parliament's Financial Affairs Committee, has in contrast the present state of affairs with FTX to the 2008 monetary disaster and used \"these Lehman Brothers moments\" to justify the necessity to regulate crypto.<\/p>\n

In a Nov. 9 tweet Berger said<\/a> Acceptable regulation was wanted to keep away from points that \u201cvalue super belief\u201d within the crypto area as FTX reported monetary difficulties. The parliamentary committee member pointed to the Markets in Crypto-Belongings (MiCA) framework, which is at the moment going via the European Council to require crypto corporations to \u201cguarantee inside threat administration mechanisms.\u201d<\/p>\n

Disgrace! That #FTX<\/a>\/#Alameda<\/a> Case has value monumental confidence. Such Lehman Brothers moments have to be prevented in crypto area. That is it #Mica<\/a> is for. Crypto property aren't play cash. Crypto asset service suppliers should guarantee inside threat administration mechanisms. https:\/\/t.co\/zNrB8CdUbU<\/a><\/p>\n

\u2014 Stefan Berger (@DrStefanBerger) November 9, 2022<\/a><\/p>\n

\u201cThe FTX case highlights the risks of a totally unregulated crypto market and unlicensed crypto exchanges,\u201d Berger stated in a written assertion to Cointelegraph. \u201cWe nonetheless have a mess of crypto asset service suppliers whose idea is meaningless. MiCA addresses precisely this downside. With a world MiCA, the FTX crash wouldn't have occurred.\u201d<\/p>\n

He added:<\/p>\n

\u201cThe crypto area isn't a on line casino. The crash of a $30 billion alternate like FTX has unsettled your entire market [...] Regulation is an effective instrument to revive confidence within the ailing market.\u201d<\/p>\n

Berger's assertion about FTX and Alameda Analysis's \"disgrace\" got here earlier than crypto alternate Binance introduced on Nov. 9 that it has no intention of buying the corporate. Each Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried have publicly supported a deal between the 2 main exchanges on Nov. 8 to deal with the \u201cliquidity disaster\u201d reported by FTX. The continuing state of affairs with FTX has prompted volatility throughout the crypto market and a few lawmakers are calling for regulatory readability.<\/p>\n

Associated: <\/strong>Why is the crypto market down at the moment?<\/strong><\/p>\n

On October tenth, the Financial Affairs Committee of the European Parliament adopted the MiCA laws on account of the trilogue negotiations between the EU Council, the European Fee and the European Parliament. The draft regulation goals to create a unified regulatory framework for cryptocurrencies between the 27 member states of the European Union. EU lawmakers have but to conduct authorized and language evaluations, approve a closing model of the draft regulation and publish MiCA within the EU Journal, however the directive may come into power as early as 2024.<\/p>\n

Source link <\/a><\/p>\n

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Stefan Berger, a member of the European Parliament's Financial Affairs Committee, has in contrast the present state of affairs with […]<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":5,"featured_media":36457,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":"","_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[7],"tags":[706,94,571,201],"acf":[],"gt_translate_keys":[{"key":"link","format":"url"}],"_links":{"self":[{"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/posts\/36456"}],"collection":[{"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/comments?post=36456"}],"version-history":[{"count":2,"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/posts\/36456\/revisions"}],"predecessor-version":[{"id":37880,"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/posts\/36456\/revisions\/37880"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/media\/36457"}],"wp:attachment":[{"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/media?parent=36456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/categories?post=36456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/tags?post=36456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}