Деякі правові аспекти регулювання фондового, криптовалютного ринків та впливу на них цифрових технологій у Сполучених Штатах Америки та Європейському Союзі

This article is devoted to the consideration of certain legal and regulatory mechanisms of financial markets in the context of digitalization and the introduction of new technologies. The paper highlights the key features of the legal regulation of the stock and cryptocurrency sectors in the United States of America and the European Union (hereinafter referred to as the USA, EU). A comparative characteristic of the regulation of the stock market and cryptocurrency in the USA and the EU is carried out, focusing on the differences in the legal system in the context of regulation when applying financial and digital technologies. The compliance of some regulatory and legal acts in the dynamics of the development of the technological process is considered, and the impact of algorithmic trading, blockchain, cloud technologies, artificial intelligence on the legal mechanisms of control and protection of investor rights is also assessed. It is indicated that the US stock market is regulated by a number of federal laws, such as the Securities Act, Securities Exchange Act, Sarbanes-Oxley, Dodd-Frank Act, which are aimed at increasing market transparency, preventing manipulation and controlling the process of investment activities. In the EU, similar functions for regulating the stock market are performed by MiFID II, Market Abuse Regulation (MAR), Prospectus regulation, UCINS Directive, which are aimed at ensuring standards of legal harmonization between member states and protecting investor rights. Attention is drawn to the already certain regulation of the cryptocurrency market. For example, in the USA, such regulation is carried out, among others, by the US Securities and Exchange Commission (SEC), and in the EU, a separate regulation has been adopted, such as Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA), which establishes the licensing of crypto-services, requirements for crypto-asset issuers and control mechanisms. Particular attention is paid to the legal challenges associated with technological transformation. The use of artificial intelligence in trading raises some concerns about compliance with the principles of competitiveness and information protection. In connection with the use of blockchain technology and asset tokenization, the question of the legal status of digital securities arises, and high-frequency trading requires clearer regulatory mechanisms capable of preventing market abuse. The issues of legislation related to existing and possible challenges in the process of applying digital technologies are analyzed and some ways of improving legal mechanisms aimed at ensuring stability and security in the financial services market are proposed.