Crypto Today: Calls for Global Consensus, Regulatory Clarity, and PayPal’s Crypto Holdings

In summary, crypto firms are calling for a global consensus on regulations to attract more established investors. Meanwhile, regulatory clarity on cryptocurrencies is still lacking in the United States, and Congress needs to determine which regulator has authority over crypto markets. On the other hand, PayPal has disclosed a significant amount of crypto holdings on its balance sheet. These developments highlight the need for more global consensus and regulatory clarity in the crypto industry while also demonstrating the growing adoption of cryptocurrencies by mainstream companies.

Crypto firms call for global consensus on regulations

In a recent conference, crypto firms called for a global consensus on regulations instead of a “fire hose” of differing rules for cryptoassets. Although the European Union has established the world’s first comprehensive rules for cryptoasset markets, known as MiCA, other major players such as Britain and the United States are still far behind. This lack of global consensus makes it difficult to attract established investors, which is crucial for creating a more mature market for cryptocurrencies. Moreover, apart from regulations to prevent money laundering and terrorist financing, crypto firms are largely unregulated in many parts of the world.

Regulatory clarity on cryptocurrencies is still lagging behind in the United States

In the United States, regulatory clarity on cryptocurrencies is still lagging behind, according to SEC Commissioner Hester Peirce. Speaking at the FT’s Crypto and Digital Assets Summit, Peirce emphasized that Congress needs to determine which regulator has authority over cryptocurrency markets. There are currently questions about who has the authority to make rules about crypto, and this is something that Congress needs to address. In a congressional hearing about digital assets, multiple people testified about the desire to split specific responsibilities related to crypto between the SEC and the Commodity Futures Trading Commission (CFTC).

PayPal Discloses Nearly $1 Billion in Cryptocurrencies

PayPal, one of the world’s largest payment companies, has disclosed nearly $1 billion worth of cryptocurrencies on its balance sheet. The company indicated that it holds $943 million worth of customer assets in Bitcoin (BTC), ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). This report is a component of the company’s quarterly financial performance report, which the SEC requires to disclose financial information. Moreover, since the end of last year, the company reported an increase of $339 million in customer crypto assets.