MacManus welcomes crypto regulation

Speaking in a debate in Strasbourg Sinn Féin MEP Chris MacManus has welcomed the passing of EU rules regulating crypto-assets. He said that crypto represented a real threat to financial stability, consumers and the environment and that they must be must be regulated tightly.

The new rules were adopted by an overwhelmingly majority with 517 votes in favour and only 38 against.

MacManus, who was one the Parliament’s negotiators on the file, said:

“My support for these rules is based on the fact that this legislation brings transparency, protects consumers and aids financial stability. I have zero interest in creating a market or in fostering the use of crytpo-assets as the Commission has stated it wishes to do.”

“At their worst crypto-assets can be pyramid schemes, they are used by criminal gangs for money laundering and to defraud working people and they can waste huge amounts of energy for no purpose. In short, I see little or no social or economic benefit to these tools of speculation.”

“We have seen the danger of these assets in recent times with the FTX collapse. We also think back to the cyber-attack on the HSE where ransom was demanded in Bitcoin.”

“Clearly this is a murky area and the more transparency and regulation that can be brought to bear the better.”

“I accept the reality that these crypto-assets exist and therefore, short of banning them, they must be regulated. I predict that we will be back here in the future tightening this regulation and closing any loopholes left open.”

“These rules must be implemented without any backsliding on the deadlines which means most of the rules must be in place within 18 months.” ENDS