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So yeah, first off, if you clicked this — sorry bout your Bitcoin investments, man. Nobody could have seen this coming, big bro. Hold the line, Gary Vee, etc. Okay, now that the 20-somethings with middle class aspirations and no work ethic whose retirement plan leans heavily on meme money have been satiated, let’s talk about the grown people stuff. Regulations are a-comin’ for crypto.

Meanwhile, last week, the EU struck a provisional deal on a groundbreaking set of crypto rules. Known as Markets in Crypto-Assets (MiCA), the landmark law is set to come into effect in 2023 and become the world’s first regulatory framework for digital assets.

[T]he EU’s watchdogs will closely monitor crypto for signs of market manipulation and insider trading to protect investors from Ponzi schemes and so-called “rug pulls”. Crypto providers will have to comply with strict requirements and will be held responsible for any market abuse.

On top of that, the European Parliament agreed on a separate set of rules on crypto traceability that imposes traditional finance-like reporting standards on crypto. The bill aims to ensure that all crypto transactions are traceable “from the first euro sent”.

Much like GDPR, I suspect that the EU’s legislating will impact our shores as well. Given that much of the crypto market banks on its untraceability as a major selling point, the coming regulations may put a damper not only on the economic value of the coins, but the philosophic grounding for their use. Such ground was already shaky, anyway.

This Landmark Law Aims To End Crypto As We Know It In 2023- As Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, And Dogecoin Rebound [Forbes]

Chris Williams became a social media manager and assistant editor for Above the Law in June 2021. Prior to joining the staff, he moonlighted as a minor Memelord™ in the Facebook group Law School Memes for Edgy T14s. He endured Missouri long enough to graduate from Washington University in St. Louis School of Law. He is a former boatbuilder who cannot swim, a published author on critical race theory, philosophy, and humor, and has a love for cycling that occasionally annoys his peers. You can reach him by email at cwilliams@abovethelaw.com and by tweet at @WritesForRent.

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