"Differences are already emerging on whether new laws and new regulators are needed to oversee digital assets. While the EU aims to have its MICA directive in force by 2024, the US and many other jurisdictions are planning to use existing laws and regulators. That leaves important questions unresolved, notably in the US, where many digital assets firms would prefer to be regulated by the Commodity Futures Trading Commission rather than the Securities and Exchange Commission."

"It’s too early to say whether these assets will fulfil the promises of their backers, but the market is too big and the potential ramifications and trade-offs are too great to ignore. The war in Ukraine has thrown some of these issues into stark relief, with activists promoting the use of cryptocurrencies to send humanitarian aid to the affected population while US and European governments seek to limit their use to evade financial sanctions."