G-7 Calls for ‘Consistent’ Crypto Regulation

Finance leaders from the Group of Seven (G-7) have called on the Financial Stability Board to develop “consistent and comprehensive” crypto regulation, Reuters reported Thursday (May 19).

The leaders cited the recent collapse of the Terra stablecoin and the ensuing chaos in the crypto world that followed.

“In light of the recent turmoil in the crypto asset market, the G7 urges the FSB (Financial Stability Board)… to move forward in the rapid development and implementation of consistent and comprehensive regulation,” finance ministers and bankers centers of the G-7 industrialized nations said in a draft statement.

PYMNTS wrote about the G-7 earlier this week, noting that the group intended to talk about crypto regulations, with French central bank head Francois Villeroy de Galhau saying the crypto situation was a “call to action.” attention”.

See also: Crypto regulation on the agenda of the G-7 finance chiefs meeting

He also said that Europe’s Crypto Asset Markets (MiCA) regulatory framework was one that could be developed, and said they planned to discuss that and other issues.

PYMNTS has written about numerous calls for crypto regulation. For example, Rostin Benham, chairman of the Commodity Futures Trading Commission (CFTC), has been involved in recent events that suggest crypto regulation is likely at some point.

Read more: CFTC Chairman Signals More Crypto Enforcement and Oversight

Benham participated in the 2022 FINRA annual conference to speak about crypto regulation and was recently part of the Chainalysis Links crypto conference. One of the comments from him was about the growing number of cases of fraud and manipulation of digital assets, which he said needed to be addressed.

“Headlines about tens of millions of dollars in digital assets being lost due to protocol exploits, phishing attacks, taking advantage of vulnerable people, and other fraudulent and manipulative schemes have become all too common,” Behnam said.

He said the CFTC had filed more than 50 enforcement actions related to digital assets since 2015. More than half of them involved fraud, he added.



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