Regulators are busy keeping up with the rapid pace of the crypto industry. Crypto regulation has long been unclear in Europe, but that might soon change as the EU’s MiCA crypto law text will be ready within six weeks. Meanwhile, EU lawmakers voted down a proposal for researching the environmental impact of proof-of-work mining. This was the second unsuccessful attempt of European regulators to impose restrictions on proof-of-work mining this year after failing to ban it altogether in May.
Crypto regulations are making headlines outside of Europe as well. Paraguay’s president vetoed a bill that would have regulated crypto mining and trading, while a province of neighboring Argentina will allow millions of citizens to pay taxes using stablecoins. Meanwhile, the state of DC has sued bitcoin advocate Michael Saylor for tax fraud.