Condividi questo articolo
BTC
$117,795.34
-
0.05%ETH
$3,782.30
+
0.12%XRP
$3.0937
-
1.51%USDT
$1.0000
-
0.00%BNB
$809.72
-
2.74%SOL
$180.14
-
3.78%USDC
$0.9998
+
0.00%DOGE
$0.2226
-
3.75%TRX
$0.3371
+
4.42%ADA
$0.7790
-
2.95%HYPE
$43.23
-
3.36%SUI
$3.8003
-
6.66%XLM
$0.4169
-
1.74%LINK
$17.73
-
3.78%HBAR
$0.2650
-
2.53%BCH
$562.65
-
3.08%AVAX
$24.43
-
6.87%WBT
$43.76
-
0.26%LEO
$8.9664
+
0.03%LTC
$108.20
-
1.68%Sign Up
- Back to menuCryptocurrencies
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars
ECB, European Commission Clash on MiCA Changes Over U.S. Crypto Policies: Report
The European Central Bank said U.S. support for crypto could result in damage to the European Union's financial stability.
What to know:
- The European Central Bank is seeking changes to the European Union's Markets in Crypto Assets legislation.
- The bank is concerned U.S. support for crypto could damage financial stability in in the European Union, Politico reported.
- The European Commission disagrees with the ECB's position.
The European Central Bank is seeking changes to the European Union's Markets in Crypto Assets legislation (MiCA) just months after the regulation took effect because it's concerned U.S. support for crypto could lead to economic damage in the 27-nation bloc, Politico reported Tuesday.
The bank is demanding a rewrite of MiCA, whose stablecoin provisions came into force last June and which took full effect at the end of last year, a position that brings it into conflict with the European Commission, Politico reported, citing a policy paper. Neither the ECB nor the commission responded to a CoinDesk request for comment.
STORY CONTINUES BELOW
Non perderti un'altra storia.Iscriviti alla Newsletter State of Crypto oggi. Vedi Tutte le Newsletter
The central bank is concerned U.S. legislation currently working through Congress, such as the Stablecoin Transparency and Accountability for a Better Ledger Economy Act (STABLE) and the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS) could see the influence of dollar-backed stablecoins growing further. The stablecoin sector could surge 10-fold to reach $2 trillion within three years following the passage of the legislation, Standard Chartered forecast.
At an April 14 meeting with top officials from EU governments to discuss U.S. support for crypto, the ECB circulated a document that argued that MiCA needed a serious re-think, Politico said, citing two diplomats and an EU official who were not identified. It was not a popular position.
"Not very many [countries] supported the idea that we should now jump the gun and start making quick changes in [the rules] based on this alone,” one of the diplomats said.
The Commission argued that it was still “too early” to judge the effect the U.S. crypto environment would have on EU financial stability and only one global stablecoin has been authorized under the new rules. Circle, issuer of USDC, the second-largest stablecoin, snagged the first stablecoin license under MiCA in July last year.
“The risks arising from such global stablecoins seem to be overstated and are manageable under the existing legal framework,” the Commission said in a document distributed at the meeting.
Read more: EU's Restrictive Stablecoin Rules Take Effect Soon and Issuers Are Running Out of Time
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
Di più per voi
Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
Cosa sapere:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
Top Stories
