Tether refuses to apply for Europe’s MiCA compliance license. CEO Paolo slammed Europe’s so-called 'milestone legislation' as extremely dangerous, calling it outright brainless legislation. According to MiCA’s rules, Tether would have to lock up 60% of its reserves (that’s over $100 billion in cash) in commercial banks within Europe. And not only are these deposits completely uninsured, but the small to mid-sized European banks they’d be stored in wouldn’t be able to handle the potential multi-billion-dollar high-frequency withdrawals that could happen anytime in the crypto market.