The European Union’s agreement of a new crypto law puts the bloc in the lead on Web3 technology, U.S. House Financial Services Committee Chair Patrick McHenry (R–N.C.) told CoinDesk TV Tuesday.

The European Parliament last week voted on the Markets in Crypto Assets Regulation, MiCA, which is set to offer a licensing regime for wallet providers, exchanges and stablecoins as of 2024. Equivalent bills in the U.S. have failed to gain political traction.

Europe is “showing us with Web3 they're ahead of the game of the United States,” despite the EU’s stumbles on previous internet technology, McHenry said. “That should send chills up the spines of Americans, because economic growth comes out of that technology ingenuity.”

“That the Europeans have a technology-forward law line here shows how behind the United States is,” he said. “We should be the leader of the world when it comes to technology deployment, not running second to Europe.”

McHenry was optimistic about prospects for his bills on stablecoins and crypto market structure, despite criticism from Democrats. In the meantime, many crypto players have been left operating in a legal gray area.

(by Sheldon Reback)