Dmitrii M. KRUKLomonosov Moscow State University, Moscow, Russian Federation editk@bk.ru ORCID id: not available
Subject. Regulatory Approaches to Crypto?Assets in the EU and the USA amid the Formation of a Global Regulatory Architecture for Digital Finance. Objectives. To identify similarities and differences in the regulatory philosophies and institutional mechanisms of the EU and the USA, and to determine the economic consequences of regulatory impact on the global financial system. Methods. A comparative legal institutional analysis was applied, along with general scientific methods. Results. It has been established that the convergence of requirements for stablecoins is taking place amid fundamental differences in institutional architectures: the EU’s centralized model, with ESMA and EBA playing a coordinating role, is contrasted with the decentralized US dual banking system, where supervisory powers are distributed among the OCC, the Federal Reserve, the CFTC, and the SEC. Recommendations have been formulated for market participants and regulators to navigate the conditions of regulatory fragmentation. Conclusions. Positions regarding central bank digital currencies are diametrically opposed, which creates strategic risks for the international monetary system; regulatory differences generate risks of global market fragmentation and regulatory arbitrage.
Keywords: MiCA, GENIUS Act, crypto assets, stablecoins, central bank digital currencies
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