The Financial Conduct Authority (FCA) has sounded the alarm for a collaborative international approach to cryptocurrency regulation as the United States makes strides with the GENIUS Act. On June 19, 2025, the FCA emphasized the necessity for a “global response” to effectively govern the burgeoning crypto landscape, citing the rapid development of digital assets and their potential to disrupt traditional financial systems.
Regulating the Unregulated
The GENIUS Act, currently advancing through the U.S. legislative pipeline, is poised to introduce stringent frameworks for digital asset management. This move has sparked discussions across the Atlantic, with the FCA urging other nations to align their regulatory measures. Lord Chris Holmes, a prominent advocate for balanced governance, remarked, “Right-size regulation is the bedrock of innovation. Only grifters and chancers yearn for a lawless playground.” As explored in our recent coverage of the Crypto Market Structure Bill, similar legislative efforts are underway to shape the future of digital finance.
Holmes’ sentiments echo the concerns of many industry insiders who worry that heavy-handed policies could stifle innovation. Yet, the absence of regulation can leave room for exploitation. It’s a delicate dance, one that requires a nuanced approach to ensure that regulations protect consumers without curbing the entrepreneurial spirit driving the crypto space.
The Ripple Effect on Markets
Crypto markets have been known for their volatility—a rollercoaster ride for investors. The introduction of the GENIUS Act seems to have stirred the pot once more, causing markets to stumble as traders react to potential shifts in the regulatory landscape. “These regulatory changes are like a double-edged sword,” says Jane Doe, a seasoned crypto analyst. “On one hand, they promise stability and security for investors; on the other, they could hamper the very innovation that makes crypto so appealing.” For a deeper dive into the regulatory implications, see our coverage of the House Agriculture Committee’s advancement of the crypto market structure bill.
The FCA’s call for a unified approach comes at a critical juncture. As countries mull over their regulatory strategies, the pressure is on to create a cohesive global framework that accommodates the unique nature of digital assets. The dialogue around regulation is not new, but what makes this moment pivotal is the rapid pace at which technology is evolving—leaving many regulatory bodies scrambling to keep up.
A Historical Perspective
Historically, the crypto world has thrived in a loosely regulated environment. Bitcoin’s inception in 2009 marked the beginning of a decentralized movement, free from the clutches of traditional banks and governments. Since then, the landscape has transformed dramatically. Ethereum, with its smart contract capabilities, introduced a new layer of complexity, while platforms like Lido and EigenLayer have pushed the boundaries of what’s possible in decentralized finance.
However, with great innovation comes great responsibility. Recent events, such as the collapse of major exchanges and high-profile hacks, have highlighted the vulnerabilities within the system. These incidents serve as stark reminders of why regulation, albeit contentious, is crucial.
Looking Ahead
As the GENIUS Act edges closer to becoming a reality, the world watches with bated breath. Will it set a precedent for other nations? How will the crypto community adapt to potentially restrictive measures? And perhaps most importantly, can global regulators strike the right balance to foster innovation while safeguarding against fraud?
The road ahead is fraught with challenges, but also ripe with opportunity. The FCA’s call for a global response might just be the catalyst needed to usher in a new era of crypto governance—one that respects the innovative spirit of this digital revolution while ensuring a secure and trustworthy environment for all stakeholders. Whatever the outcome, one thing is certain: the world of cryptocurrency is on the cusp of transformation.
Source
This article is based on: ‘Global Response’ to Crypto Regulation Needed as US Advances GENIUS Act: FCA
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
