🇪🇺 We submitted feedback to the European Commission's MiCA Review Consultation As the largest MiCA-regulated e-money token (EMT) issuer for both the dollar (@USDC) and the euro (EURC), and having been the first major global issuer to comply back in July 2024, @circle knows first-hand what's working under MiCA and what still needs adjustment. MiCA has produced ~40 regulated EMTs over the last 2 years, more than any comparable framework has in the world. Both traditional banks and fintechs are entering the space, which is great. But looking at the largest stablecoins in the world by market cap, only 3 of the top 30 are MiCA-compliant today, and 2 of those are Circle's. MiCA has not yet managed to capture most of global stablecoin supply, a gap worth closing, preferably via an equivalence & recognition regime for foreign stablecoins aligned with the GENIUS Act, powering transatlantic reciprocity. We also agree with the ECB on the mandatory 30/60% deposit minimum in EMT reserves. It is too rigid and should be replaced by a more flexible liquidity requirement taking into consideration the liquidity profile of the HQLAs. You can find a few highlights of our response in the blog post in the comments. The EU is already a regulatory leader, now it's time to build market leadership as well!