Source: Cointelegraph Original: "{title}"
The European Central Bank (ECB) has issued a warning about the potential consequences of strong U.S. support for the cryptocurrency industry, stating that the surge in dollar-backed stablecoins could undermine the stability of the European financial system.
According to a policy document obtained by Politico, just months after the implementation of the cryptocurrency regulatory framework known as the Markets in Crypto-Assets Regulation (MiCA), the ECB has called for its revision.
The ECB is concerned that reforms in the U.S. backed by Trump could lead to an influx of dollar-denominated stablecoins into the European market.
The ECB believes this could trigger a shift of European capital towards U.S. assets, weaken the EU's financial sovereignty, and expose banks to liquidity risks.
Reports indicate that while the ECB is calling for stricter controls, the European Commission believes these warnings are exaggerated.
The report cites two diplomats and one EU official stating that despite the U.S. potentially introducing policies like the Stablecoin Transparency and Accountability to Support the Better Ledger Economy Act (STABLE) and the Guiding and Establishing U.S. Stablecoin National Innovation Act (GENIUS) aimed at expanding U.S. cryptocurrency influence, the existing MiCA framework is sufficient to address stablecoin risks.
According to Politico, one diplomat remarked, "The Commission has clearly stated that they hold a different view on this issue," and noted, "There isn't much (national) support for the idea of hastily making changes to (the rules) based solely on this."
As per CoinMarketCap data, the current valuation of the stablecoin market stands at $234 billion.
The ECB warns that without stricter limitations, European issuers may face redemption pressures from EU and foreign holders, potentially triggering financial "runs" and harming the relevant institutions.
Mikko Ohtamaa, co-founder and CEO of Trading Strategy, stated on the X platform, "This concern is valid. However, the EU had a first-mover advantage in regulation, but they messed it up."
Ohtamaa noted that due to the restrictive rules of MiCA influenced by banking and traditional finance lobbying, EU stablecoins lack competitiveness in the global market.
Tether, the issuer of the world's largest stablecoin USDT, has consistently criticized the EU's MiCA regulations.
Last year, Tether CEO Paolo Ardoino pointed out that the requirements of MiCA, particularly the stipulation that stablecoin issuers must hold at least 60% of their reserves in EU bank accounts, could pose systemic risks to stablecoins and the broader banking system.
Due to non-compliance with MiCA regulations, USDT has been delisted from major European exchanges, including Coinbase, Crypto.com, and Kraken.
Related: U.S. Judge Moves Binance Lawsuit to Florida Based on "First-to-File" Rule
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