A leading financial regulator is pushing for the acceptance of a measure that would streamline cryptocurrency operations for both consumers and businesses.
As reported by the Financial Times, Adrienne Harris, head of the New York Department of Financial Services, voiced her support for "crypto passporting" for U.K. and U.S. crypto companies. The concept would allow companies to operate overseas without needing to go through multiple authorization processes.
The move could ultimately shore up and better align protection standards that would create better and more consistent safeguards for investors across different jurisdictions. For crypto entrepreneurs, this can promote more effective business development in key financial hubs without delays or added costs.
While crypto passporting would greatly benefit businesses, consumers would also likely see increased protections, something that Harris believes has been heading in the wrong direction over the last few months.
Harris explained that, as the Trump administration continues to work to loosen financial regulations, crypto passporting could become more important.
"You really shouldn't have ideology in financial regulation," Harris said. "You can protect consumers and support business at the same time. This can be mutually reinforcing."
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These sentiments were echoed by Simon Jennings, executive director of the U.K. Cryptoasset Business Council.
"Coordinated regulation, including the potential for digital asset passporting, would enhance investor protection, cut compliance costs and make cross-border markets far more interoperable," Jennings said.
Electricity consumption of the cryptocurrency market has dramatically increased over the past decade. While many mining operations have shifted to renewable energy, a significant portion still relies on electricity from fossil fuels to keep costs low, contributing to rising carbon emissions as well as air and water pollution.
In a recent study, a team of researchers took a closer look at the relationship between the rise of cryptocurrency and its impact on our planet. With the increase in electronic waste generation, the researchers pointed to the value of "green cryptocurrency," which aims to prioritize low energy consumption in order to minimize the environmental impact of mining.
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