𝐄𝐧𝐚𝐛𝐥𝐢𝐧𝐠 𝐓𝐨𝐤𝐞𝐧𝐢𝐳𝐞𝐝 𝐅𝐢𝐧𝐚𝐧𝐜𝐞: 𝐂𝐢𝐫𝐜𝐥𝐞’𝐬 𝐑𝐞𝐬𝐩𝐨𝐧𝐬𝐞 𝐭𝐨 𝐭𝐡𝐞 𝐄𝐔 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐌𝐚𝐫𝐤𝐞𝐭𝐬 𝐂𝐨𝐧𝐬𝐮𝐥𝐭𝐚𝐭𝐢𝐨𝐧 🇪🇺 At @circle , we believe capital markets are going onchain—open, programmable, and integrated. That’s why we responded to the European Commission’s 2025 consultation on EU capital markets integration. Our 3 key recommendations: 🔹 𝐑𝐞𝐜𝐨𝐠𝐧𝐢𝐳𝐞 𝐌𝐢𝐂𝐀-𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐭 𝐄𝐌𝐓𝐬 𝐋𝐢𝐤𝐞 𝐄𝐔𝐑𝐂 𝐚𝐬 𝐒𝐞𝐭𝐭𝐥𝐞𝐦𝐞𝐧𝐭 𝐀𝐬𝐬𝐞𝐭𝐬 EMTs should be treated as cash equivalents under EU capital markets law—not just in the DLT Pilot. This requires updates to CSDR and the SFD. 🔹 𝐒𝐜𝐚𝐥𝐞 𝐭𝐡𝐞 𝐃𝐋𝐓 𝐏𝐢𝐥𝐨𝐭 𝐑𝐞𝐠𝐢𝐦𝐞 Remove issuance thresholds, include structured bonds and derivatives, and make the regime permanent and scalable with flexible oversight. 🔹 𝐌𝐨𝐝𝐞𝐫𝐧𝐢𝐳𝐞 𝐋𝐞𝐠𝐚𝐜𝐲 𝐑𝐮𝐥𝐞𝐬 Update regulations like CSDR, MiFID II, and the Financial Collateral Directive to support tokenized models, and recognize modern forms of control and ownership such as self-custody. With MiCA and the DLT Pilot Regime, Europe has a first-mover advantage. Now is the time to build on that momentum and shape the capital markets of the 21st century. Link to full blog post in comments.