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EU Approves Commissioners, Including Ones Who Will Likely Oversee Crypto Rules

Published

10 месяцев ago

27 ноября, 2024

The European Parliament approved its slate of commissioners <a href=»https://www.europarl.europa.eu/news/en/press-room/20241121IPR25546/parliament-approves-the-von-der-leyen-ii-commission» target=»_blank»>on Wednesday</a>, including the individuals who will be responsible for monitoring regulations around digital assets.

In September, European Parliament President Ursula Von der Leyen <a href=»https://ec.europa.eu/commission/presscorner/detail/en/ip_24_4723″ target=»_blank»>proposed a list of commissioners</a>. While crypto did not stand out as a core topic amongst the roles, this group will be responsible for ensuring digital asset rules are implemented.

The European Union (EU), a bloc of 27 nations, was the first major jurisdiction in the world to establish <a href=»https://www.coindesk.com/policy/2023/05/31/eu-formally-signs-new-crypto-licensing-money-laundering-rules-into-law/» target=»_blank»>a bespoke crypto legislative package last year, otherwise known as the Markets in Crypto Assets</a> legislation (MiCA). <a href=»https://www.coindesk.com/policy/2024/06/27/eus-restrictive-stablecoin-rules-take-effect-soon-and-issuers-are-running-out-of-time/» target=»_blank»>Stablecoin rules came into force in June, while the rest of the rules are expected to come in force by December</a>.

«I don’t expect a big legislative agenda in the blockchain space and in the digital space per se, over the next year or so,» said Mark Foster, EU policy lead at the Crypto Council for Innovation.

Though no commissioner role is solely dedicated to crypto, the EU still has to ensure MiCA is being followed. Some commissioners will have digital assets fall within their remit as the nation advances its crypto rules, Foster said.

«What the industry is really wanting is the EU to continue to discuss with its international partners and ensure that the rules that are being developed across the globe are to the extent possible, interoperable, consistent, and have the same goals,» Foster said.

The commissioners have also been tasked with exploring whether or not more regulation is needed.

«According, to MiCA, we are also required to present a report on the latest developments with respect to crypto assets, including an assessment of the necessity and feasibility of regulating decentralized finance activities, lending and borrowing of crypto assets, as well as non-fungible tokens,» said Marcel Haag, director of Horizontal Policies at the European Commission, at a Crypto Council for Innovation Forum last week.

They will also have to decide whether or not to terminate the <a href=»https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/dlt-pilot-regime» target=»_blank»>Distributed Ledger Technology</a> pilot or make it permanent and review a proposal for establishing a legal framework for the digital euro, a central bank digital currency issued by the European Central Bank.

The commission is also set to launch a legal analysis on the suitability of member states’ legislation for financial asset tokenization, Haag said.

Read more: <a href=»https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/» target=»_blank»>MiCA, EU’s Comprehensive New Crypto Regulation, Explained</a>

The Commission

The EU commission is the executive branch of the EU. Each member state has to select one person to form the commission.

Von der Leyen, who asked for a balanced gender group of commissioners, had the task of choosing what roles each person will take on for the next five years. People were appointed for roles on trade, climate, technology, economy, international partnership, finance and more.

Each commissioner will have their own focus, but Von der Leyen said in her <a href=»https://commission.europa.eu/about-european-commission/towards-new-commission-2024-2029/commissioners-designate-2024-2029_en» target=»_blank»>mission letters</a> the priorities are not standalone and will affect each other.

Plus, crypto is a trans-sectoral topic, Faustine Fleuret, president of industry group ADAN that focuses on Web3 said, adding that they could «engage with everyone» in the commission when it comes to the sector.

Commissioners from Portugal, Finland and France will likely have some purview over crypto.

Stéphane Séjourné

France’s Stéphane Séjourné has been chosen to be the executive vice-president for prosperity and industrial strategy, as well as the commissioner for industry, small and medium-sized enterprises (SMEs) and the single market.

This <a href=»https://commission.europa.eu/document/6ef52679-19b9-4a8d-b7b2-cb99eb384eca_en» target=»_blank»>job would include improving access to finance</a>, simplifying the regulatory environment and promoting innovation for small and medium-sized enterprises. He will also oversee a project called the «horizontal single market strategy» that will require him to address barriers to the movement of goods and services abroad. His role could bring crypto under his oversight, Fleuret said.

Fleuret said she could see the industry pushing Web3 interests and positions on «trade and economic safety, finance, the capital market union, innovation and research» to Séjourné.

«We had previous relations with Stéphane Séjourné during the MiCA negotiation, and at that stage, he was quite open to innovation,» Fleuret said, adding that he believed in regulating the sector but knew not to hamper crypto with rules that were too strict.

Maria Luís Albuquerque

Portugal’s <a href=»https://commission.europa.eu/document/ac06a896-2645-4857-9958-467d2ce6f221_en» target=»_blank»>Maria Luís Albuquerque</a> will be the commissioner for financial services and the savings and investment union. Her work will include ensuring rules for the financial sector are enforced and improving the EU’s supervisory system. She will work on improving digital finance and payments.

Plus, Albuquerque will ensure the enforcement of the <a href=»https://www.coindesk.com/policy/2024/04/26/eu-parliament-adopts-anti-money-laundering-rules-package-also-policing-crypto/» target=»_blank»>anti-money laundering package</a> that targets large cash payments, crypto firms and more.

The EU has been considering doing <a href=»https://www.coindesk.com/policy/2022/06/27/nft-private-wallet-fates-hang-on-eu-crypto-talks-this-week/» target=»_blank»>a MiCA 2.0</a> to address issues like crypto staking, lending and decentralized finance.

«If the commission were to come up with new legislation specifically for digital assets, it would most likely be the Portuguese Commissioner Albuquerque,» Foster said.

She might have to coordinate and get input from one of the executive vice presidents, which would most likely be Séjourné, Foster added.

«She has a background in financial services. She’s a former finance minister… So she’s very experienced in traditional finance,» Foster said. Her crypto views were not available online.

Henna Virkkunen

Another figure the industry thinks is important to watch out for is <a href=»https://commission.europa.eu/document/3b537594-9264-4249-a912-5b102b7b49a3_en» target=»_blank»>Finland’s Henna Virkkunen</a>.

«We also think that one really important portfolio will be the one of Henna Virkkunen, who will be in charge of tech, sovereignty, security and democracy, because of all the related topics within Web3,» Fleuret said.

Virkkunen’s role will include boosting artificial intelligence innovation, looking at how digital technologies will enhance law enforcement capabilities, strengthening cybersecurity and taking enforcement action using the Digital Services Act where necessary to promote online safety. She <a href=»https://www.bloomberg.com/news/articles/2024-09-17/eu-picks-tech-enforcer-who-helped-write-its-social-media-rules?sref=3REHEaVI» target=»_blank»>will also have to work with Séjourné</a>.

Read more: <a href=»https://www.coindesk.com/news-analysis/2024/06/28/elections-across-europe-wont-hinder-blocs-crypto-ambitions/» target=»_blank»>Elections Across Europe Won’t Hinder Bloc’s Crypto Ambitions</a>

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ORQO Debuts in Abu Dhabi With $370M in AUM, Sets Sight on Ripple USD Yield

Published

1 час ago

16 сентября, 2025

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ORQO Group, a new institutional asset manager with $370 million in assets under management, has launched on Tuesday with plans to build out a yield platform for Ripple’s RLUSD stablecoin.

The group, headquartered in Abu Dhabi, consolidates four entities from both traditional finance and digital assets: Mount TFI, a private debt specialist and licensed fund manager in Poland, Monterra Capital, a multi-strategy digital hedge fund in Malta, blockchain engineering studio Nextrope and decentralized finance (DeFi) protocol Soil compliant with MiCA, the EU’s crypto framework.

Already licensed in Poland and Malta, the group is seeking approval from the Financial Services Regulatory Authority at Abu Dhabi Global Market to expand services in the Middle East, a region it sees as a hub for regulated digital asset growth.

«It’s an opportunity to become a global on-chain asset manager,» ORQO CEO Nicholas Motz said in an interview with CoinDesk. «We have all the pieces: the off-chain asset management, and on-chain, too.»

ORQO’s effort is part of a larger trend that’s been reshaping crypto markets: moving traditional financial instruments like private credit, U.S. Treasuries, or trade finance deals onto blockchain networks. The process is also known as tokenization of real-world assets (RWAs). Data from rwa.xyz shows that the RWA market has grown into a nearly $30 billion sector, though it remains tiny compared to traditional finance markets such as the $2 trillion private credit sector. Still, the growth potential is immense: the tokenized RWA market could reach $18.9 trillion by 2033, a joint report by Ripple and BCG projected.

Yield platform Soil is a key piece in ORQO’s gameplan, connecting the firm’s RWA access with crypto capital capital. It aims to provide returns on stablecoins deposits from tokenized private credit, real estate and hedge fund strategies.

As part of the next stage, the firm plans to open several credit pools targeting holders of Ripple’s RLUSD stablecoin in the near future, allowing investors such as institutional treasuries or protocol reserves to earn a yield on their holdings.

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Coinbase Policy Chief Pushes Back on Bank Warnings That Stablecoins Threaten Deposits

Published

2 часа ago

16 сентября, 2025

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Contrary to claims from the U.S. banking industry, stablecoins do not pose a risk to the financial system, according to the chief policy officer at crypto exchange Coinbase (COIN), Faryar Shirzad. Banks’ claims that they do are are myths crafted to defend their revenues, he wrote in a Tueday blog post.

«The central claim — that stablecoins will cause a mass outflow of bank deposits — simply doesn’t hold up,» Shirzad wrote. «Recent analysis shows no meaningful link between stablecoin adoption and deposit flight for community banks and there’s no reason to believe big banks would fare any worse.»

Larger lenders still hold trillions of dollars at the Federal Reserve and if deposits were really at risk, he argued, they would be competing harder for customer funds by offering higher interest rates rather than parking cash at the central bank

According to Shirzad, the real reason for banks’ opposition is the payments business. Stablecoins, digital tokens whose value is pegged to a real-life asset such as the dollar, offer faster and cheaper ways to move money, threatening an estimated $187 billion in annual swipe-fee revenue for traditional card networks and banks.

He compared the current pushback to earlier battles against ATMs and online banking, when incumbents warned of systemic dangers but, he said, were ultimately trying to protect entrenched profits.

Shirzad also dismissed reports predicting trillions in potential outflows from deposits into stablecoins, whose total market cap is around $290 billion, according to data from CoinGecko. He stressed that stablecoins are primarily used as payment tools — for trading digital assets or sending funds abroad — not as long-term savings products.

Someone purchasing stablecoins to settle with an overseas supplier, he argued, is opting for a more efficient transaction method the going through their bank, not pulling money from a savings account.

He urged banks to embrace the technology instead of resisting it, saying stablecoin rails could cut settlement times, lower correspondent banking costs and provide round-the-clock payments. Those institutions willing to adapt, he wrote, stand to benefit from the shift.

The U.K., too, faces concerns about the effect of stablecoins on the financial industry.

The Financial Times reported Monday that the Bank of England is considering setting limits on how many «systemic» stablecoins people and companies can hold — setting thresholds as low as 10,000 pounds ($13,600) for individuals and about 10 million pounds for businesses.

Officials define systemic stablecoins as those already widely used for U.K. payments or expected to become so, and say the caps are needed to prevent sudden deposit outflows that could weaken lending and financial stability.

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Deutsche Börse’s Crypto Finance Unveils Connected Custody Settlement for Digital Assets

Published

3 часа ago

16 сентября, 2025

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Crypto Finance, a subsidiary of Deutsche Börse Group, unveiled AnchorNote, a system designed for institutional clients who want to trade digital assets without moving them out of regulated custody.

The system integrates BridgePort, a network of crypto exchanges and custodians, enabling off-exchange settlement and connectivity to multiple trading venues. By keeping assets in custody while allowing real-time collateral movement, AnchorNote aims to improve capital efficiency and reduce counterparty risk, according to a press release.

The service allows clients to set up dedicated trading lines, with BridgePort handling messaging between venues and Crypto Finance acting as collateral custodian, the press release said. Institutions can manage collateral through a dashboard or integrate the service directly into their existing infrastructure using APIs, it said. APIs, or application programming interfaces, allow software programs to communicate directly with one another.

“Institutional clients face a constant tradeoff between security and capital efficiency,” said Philipp E. Dettwiler, head of custody and settlement at Crypto Finance. “AnchorNote is designed to bridge that gap.”

For traders, the setup eliminates the need for pre-funding exchanges while providing immediate access to liquidity across platforms. In practice, a Swiss bank could pledge bitcoin held in custody and deploy it instantly across multiple trading venues without moving the coins on-chain.

The rollout begins in Switzerland, with Crypto Finance planning to expand across Europe.