Global Policymakers Face Interoperability Challenge for Digital Assets

The debate over regulating digital assets has shifted from whether to regulate at all. The implementation of MiCA, the UK's crypto rulebook, and the US GENIUS Act have settled that question.

Now, the challenge is ensuring that rules written in Washington, London, and Brussels can interoperate and work alongside one another. This has become a pressing concern for industry participants and policymakers.

The end of MiCA's transitional period triggered a major shakeout in the European market, with only 244 firms securing authorization out of over 1,200 previously operating under national frameworks.

The US celebrated the one-year anniversary of the GENIUS Act becoming law. The SEC and CFTC issued joint guidance classifying many digital assets as digital commodities.