Home Finance Senator wants to tackle the ‘Wild West of crypto-currencies’

Senator wants to tackle the ‘Wild West of crypto-currencies’


Arguing the illegal uses of cryptocurrenciesthe senator Nathalie Goulet advocates the creation of a senatorial commission of inquiry. Its goal : to realize a state of the art and to make evolve the legislation on the use of crypto-assets.

On July 22, the centrist senator Nathalie Goulet tabled a motion for a resolution at Senate. The parliamentarian wishes the creation of a Senate committee of inquiry on crypto-assets.

Comprising 21 members, this commission would have two main missions. First, it would “compile a inventory of the dangers induced by the use and accessibility of crypto-assets “.

Crypto: French regulations lacking

In addition, its function would be to make “concrete proposals to frame and secure their use. Nathalie Goulet is particularly behind the analysis made by the President of the ECB and the IMF.

When it comes to regulating cryptocurrencies, including Bitcoin, the senator insists on the nature ” flawed “of current and future provisions such as MiCA. Nathalie Goulet quotes Christine Lagarde for whom the European text is too restrictive.

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The president of the central bank also regretted that “this unexplored territory [mettait] consumers at risk” and the slow implementation of MiCA. This will not happen until 2024.

In terms of regulation, Nathalie Goulet believes that the political choices regarding crypto-assets are particularly heterogeneous. To illustrate this, she cites the ban in China, the shortcomings of France and Europe, and legalization.

However, the senator notes, the most flexible states with regard to crypto “are for the most part in extremely unstable political situations”. Her demonstration continues by addressing the illegal uses of crypto-currencies.

Bitcoin “proof” of criminal uses of crypto

By their opacity, crypto-assets can be used to finance criminal organizations and facilitate criminal associations. Bitcoin has unfortunately been proof of this,” Nathalie Goulet judges.

But the financing of terrorism would be “only the tip of the iceberg,” she still considers. “Crypto-assets are now used to support or participate in many other illegal activities”.

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Quoting the MEP. Aurore Lalucq, she therefore defends the application of stricter regulation on crypto-assets. “The issue is neither more nor less than to put an end to this new Wild West of crypto-currencies,” the senator quotes.

This would be the mission of the Senate commission that Nathalie Goulet proposes to create. The parliamentarian seems in fact to have already decided the question posed at the end of her argument: the crypto-assets, “Fantasy, ignorance or real threat?”

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