Regulation
AMF (Autorité des Marchés Financiers — France)
AMF's PSAN regime for crypto asset service providers, the transition to MiCA CASP licensing, and France's active role in EU regulatory development.
CFTC (Commodity Futures Trading Commission)
The CFTC's crypto jurisdiction over Bitcoin and Ether as commodities, the FTX enforcement action, and its expanding role under the CLARITY Act.
ESMA (European Securities and Markets Authority)
ESMA's central role in implementing MiCA through 30+ technical standards, coordinating national competent authorities, and authorizing the DLT Pilot Regime.
EU Strategic Autonomy in Digital Finance: MiCA, the Digital Euro and Technological Sovereignty
FCA (Financial Conduct Authority — UK)
The FCA's evolving crypto jurisdiction from the 2020 AML registration regime through FSMA 2023 to the full conduct regulatory go-live in October 2027.
Principles-Based Regulation
A regulatory approach that specifies desired outcomes rather than prescriptive rules, giving regulated firms flexibility in how they achieve compliance objectives.
Rules-Based Regulation
A regulatory approach that specifies detailed, prescriptive requirements for regulated firms, providing legal certainty at the cost of flexibility and adaptability to innovation.
SEC (Securities and Exchange Commission)
The SEC's role in crypto and tokenized securities regulation, from the Howey Test framework through the Gensler enforcement era to the Atkins reform agenda.