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European Union (EU) legislation aimed at regulating cryptocurrencies could lead crypto influencers to prosecution for market manipulation if they fail to disclose potential conflicts of interest.
Crypto Asset Market (MiCA) Specificationwas approved by the European Parliament’s Committee on Economic and Monetary Affairs on October 10, and is due to be transposed into law in a few more days. hurdle.
Patrick Hansen, director of EU strategy and policy at stablecoin issuer Circle, is closely watching the bill’s passage, citing public comments made without proper disclosure in a tweet on Nov. 1. I focused on the section I did.
Crypto influencers beware: commenting on crypto assets on (social) media without disclosure and profiting from their influence will be considered market manipulation in the EU once the MiCA comes into force.@zachxbt pic.twitter.com/BflVXPazjS
Patrick Hansen (@paddi_hansen) November 1, 2022
In the section Hansen emphasized, it said that expressing an opinion after taking a crypto position and not effectively disclosing that conflict of interest could be considered market manipulation.
This section is a measure contained in the MiCA bill aimed at preventing insider trading, unlawful disclosure of inside information, and market manipulation related to crypto-assets to ensure the integrity of the crypto-asset market. is part of
Related: Saying ‘It’s Not Financial Advice’ Won’t Get You Out Of Jail: Crypto Lawyer
This passage has garnered some interest from the crypto community and is relevant Position Reddit’s cryptocurrency subreddit suggests the community is cooperative, with the thread’s top comment stating:
“We cheat on certain projects and never take responsibility for the loss they inflict on people. It’s time those influencers got what they deserved.”
It is unlikely that the MiCA will be fully enforced until 2024, but Hansen even called it a “pure form” following the finalization of the text on October 5, and could pass. seems very high.
7/ The final text will then be voted on again in pure form at this time by the ECON Committee of Parliament, the Council and finally the Plenary of Parliament.
Based on similar financial laws, this could happen between December 22nd and January 23rd.
Patrick Hansen (@paddi_hansen) August 6, 2022
