ECB, European Commission Clashes US Crypto Policy: Report

The European Central Bank is calling for changes to the European Union’s market under the European Union’s Cryptocurrency Act (MICA) just months after regulations come into effect, as US support for crypto could lead to economic damage in the bloc of 27 countries.

The bank has called for a rewrite of the Mica, which was the stubcoin provisions that came into effect last June and will bring a opposition to the European Commission at the end of last year. Neither the ECB nor the committee responded to Koindsk’s request for comment.

Central banks can see the impact of dollar support stability grows further, such as US laws currently working through Congress, such as stationary transparency and accountability for better ledger economic laws (stable), and guidelines and establishment of national innovation for US stubcoin laws (geniuses). Within three years after the passage of the standard, official forecast, the Stable Coin sector could surge tenfold.

At a meeting on April 14 with senior EU government officials, to discuss Crypto’s US support, the ECB said it distributed documents that Mica claimed it needed a serious rethink, citing two diplomats and unidentified EU officials. It wasn’t a popular position.

“I didn’t support the idea that we should jump over a gun just by doing this and quickly change the (rules) based on this alone,” one diplomat said.

The committee argues that it is still “too early” to determine the impact of the US crypto environment on EU financial stability, with only one global stability approved under the new rules. Circle, the publisher of USDC, the second largest Stablecoin, received its first Stablecoin license under MICA last July.

“The risks arising from such global stubcoins appear to be exaggerated and can be managed under existing legal frameworks,” the committee said in a document distributed at the meeting.

Read more: EU restrictive Stablecoin rules are coming into effect soon, publishers are running out of time