Will Trump steal the EU’s crypto crown?

euronews.com:

Much-vaunted new EU crypto laws will take effect in just a few weeks, but Brussels lawmakers are already wondering if they’re going to lose out to the new administration of Donald Trump.

The EU’s new crypto framework is designed to keep markets in check, applying finance-style rules to protect traders who otherwise might fall victim to fraudsters or market manipulation.

Some argue this extra credibility could aid EU leadership in the innovative sector – but the US federal government is set to become even more pro-crypto as of January.

President-elect Trump has promised his government will hold a strategic stockpile of bitcoin – and news of his victory in early November sent the price of the cryptocurrency soaring to all-time highs. 

That comes just as the sector prepares for the arrival of the EU’s Markets in Crypto Assets regulation, Mica, set to take full effect on 30 December. 

"In a couple of weeks' time, the crypto asset ecosystem is in the process of being brought within the EU regulatory framework and supervisory fold,” Marcel Haag, deputy director-general at the European Commission’s financial services arm, told a largely crypto industry audience in Brussels on Thursday.  

“The EU has been a global leader in providing a clear and predictable regulatory framework to allow for innovation, and at the same time protecting consumers and financial stability,” Haag said, adding: “Going forward, the EU must work to maintain that lead.”  

Mica requires providers such as crypto exchanges to register with the authorities, and to meet minimum standards to segregate assets and prevent insider trading.

Other provisions on stablecoins – crypto tied to the value of assets like gold or the US dollar – took effect in June.

Proponents argue