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EU is proposing new legislation sweeping legislation for crypto wallets and exchanges basically setting standardization across the block for what cryptocurrencies should be used for how they should be standardized how they should be backed do they need to be like how do stable coins and track with public wallets how do they interact with public markets this is big stuff and stuff we've really won in the United States for quite a while it's interesting to see the EU get there first of course this has not passed yet it's just agreed upon legislation every single member of the EU has to agree on this legislation before it goes into law and that can take quite a while since there's so many sovereign Nations within the EU block this legislation so as we voted on at the EU Parliament and from there it'll take a while to be enforced so we're not looking at anything going forward until 2024 but the biggest hurdle does seem to be passed and that is agreeing on the basic wording within this legislation Zach I can throw this one over to you interested to get your take on it think from everyone in the U.S we all want some sort of Clarity for what crypto regulation is going to be like and maybe we get a little bit of an inkling wet lawmakers are thinking about this at least internationally yeah I mean this has been closely watched uh in European circles uh crypto industry certainly you know made its voice heard and and and made it uh made it certain that their feedback was integrated in this process some early reporting by Jack schickler who has just been all over this story for coindesk uh you know suggests that you know the industry generally sees this as pretty good news right this is pretty drastic in terms of regulatory scope but in terms of uh the details generally the consensus seems to be this is pretty decent in terms of some clear rules of the role clear rules of the road for how crypto firms can operate across the European European Union so a little bit of that Clarity that we often talk about as being lacking in the U.S context which is you know strongly favored regulation by enforcement you'll hear it time and time again from the industry over on this side of the pond but over with the mica stuff and again this probably isn't going to go into effect until 2024. it seems like the process by and large has worked right some of the feedback from the industry has been integrated and adopted into into this final language so interesting to see this move forward I'm not seeing a ton of chatter about this on Twitter which probably suggests that it's not you know egregiously bad but I could just be looking in the wrong corners of crypto lawyer Twitter so I'm curious for some additional thoughts will you seen anything out there I've not seen anything but to be fair no one really cares about regulatory stuff on Twitter right unless it's really bad and then you can get some fire tweets out there but the thing that does interest me is what happens with wallets right there's always this catch with politicians and Regulators about what do wallets mean for crypto and how to regulate them and a lot of Industry proponents are like no wallets are just a place for storing crypto while it's even just like a bad term it's more of just like a holding bag for your crypto or an address a public address anyone can see it Regulators really get caught up on this and they think of it in the same way they think of like a Charles Schwab account or your checking account with some bank it's not really what it is but you know again we get Regulators get caught up on that and they want to regulate these things they want to tie kyc identities to it I don't know from this legislation so far if we have any inkling what this means but it is no there's another story that they did come to an agreement about regulating wallets I'm interested to see further reporting on that hopefully as onerous as the stuff we saw during the Twilight era of the Trump Administration where they tried to tie wallets immediately to a person's identity that would have been very bad for the crypto industry hopefully that's not happening over in the EU gending a threat over to you now yeah I said this on the show The last time we spoke about Micah but I wouldn't be surprised if we see North American Regulators kind of just take a peek at what's going on with in the text of this document and maybe we see them start copying some of the language that's in there and thinking along the same lines I think what's interesting is that this isn't set to be in place until 2024 and we've seen so much happen in this industry just over the past year right and and some of what's in here is a response to what's happened over the past year so you know one one of the things that are outlined in here is that stable coin issuers have to have have to prove that they have enough assets to to back up each one of the stable coins that are issued and I think that we all know kind of you know where that language might come from just looking at what's happened in the industry over over the past few months the nft part of Micah is really interesting though so it says that so many nfts are traded like Financial products and are capable of Miss selling and Market abuse and so there are all these requirements for nft issuers that include issuing a white paper and treating nfts almost like fungible s I wonder if this is going to drive nft projects to really change the language and how they're marketing their nfts you know really focusing on that utility or that membership nft and I wonder how uh lawmakers and Regulators are going to interpret that I think it's going to be really interesting Wendy what do you think so this is a good story and it's also a bad story it's a good story is because we're going to start to get some more clarity when it comes to stable coins in regards to regulation and I do think that stablecoin issuers should be very transparent they should show you exactly how the stable coin is back so that's good it is interesting that it did come out of the EU but at the same time I feel like Regulators on a global scale have their hands full they had all this time from the 2017 bull market up until this recent bull market to come up with some sort of Regulation but they haven't and now after the Terra Luna collapse UST collapse everybody seems to be scrambling to put something together this might not necessarily be a good thing if it is Rush especially if the people that we have creating these laws or these bills or these regulations don't necessarily understand what cryptocurrency is or how it works and that kind of segues back to Will's point the bad thing is is I do think that this is just a little tiny push for them to really require kyc for wallets and I just want to be able to keep my privacy to some aspect like I'll pay my taxes I'll do what I have to do but back to Jen's point when you were talking about nfts I think that that is very very interesting kind of integrating this um this news into the nfts because MTS are essentially s that's what they are and I it's going to be really kind of hard to navigate the nft ecosystem with laws and regulations like this because when we look at cryptocurrency and we look at nfts yes nfts are s but at the same time they kind of serve as a different purpose and I do feel like nfts do have different utility when it comes to their different projects because they can be authenticating maybe land or records or artwork or whatever that may be