Once upon a time in the mystical land of Oversightopia—also known as the European Union—ten mighty firms donned their shiny, regulation-approved armor and ventured forth to issue stablecoins under the great and inexplicably complicated spell known as MiCA (Markets in Crypto-Assets). And there was much rejoicing. 🎉
According to the esteemed Patrick Hansen, senior wizard of strategy and policy at Circle (yes, they love circles), the chosen ones include such luminaries as Banking Circle (no relation, we assume), stablecoin-loving Circle itself (they really do like circles), Crypto.Com (dotcoms are sooo 2000s), Fiat Republic (fight the Fiat empire, but with rules!), Membrane Finance (brainy membranes, obviously), Quantoz Payments (not Quantos… but close), Schuman Financial (cue classical music), Societe Generale (ooh-la-la 🇫🇷), StabIR (no stabbing, please), and the mysteriously named Stable Mint (smells minty fresh!).
“Splendid,” you might say. But wait! Where is Tether, the magical behemoth with a $141 billion market cap treasure chest? Well, it seems the grand council of MiCA didn’t invite them to the ball. They’re sitting in the metaphorical pumpkin—no glass slipper for USDt today. 🥺👢
Innovation vs Regulation: Who’s Winning This Lopsided Tug-of-War? 🪢
The EU, once heralded as the beacon of hope for crypto clarity (and really good croissants 🥐), is now the grumpy old troll under the bridge, waving red tape in one hand and wrangling innovation with the other. Academics like Steve Hanke claim overregulation is turning the EU’s economy into a three-legged turtle race against the United States. 🐢 Spoiler: the turtle isn’t winning.
Crypto platforms have already started jumping ship before the December 2024 MiCA deadline, waving tearful goodbyes while delisting US-pegged stablecoins like USDt. It’s the “you can’t fire me, I quit” move of the crypto world, and it’s as dramatic as it sounds. 🎭
Tether, meanwhile, grumbled magnificently about being left out of the EU party, calling the delistings “hasty, unwarranted, and possibly performed during lunch without coffee involved.” A Tether spokesperson dramatically sighed and declared to CryptoMoon (yes, real name) that the announcements were “a lot of smoke with no fire.” 🔥 Or, as we like to put it—regulatory tea, served cold.
But wait! There’s more from Natalia Łątka (no relation to pierogi 🥟) at Merkle Science. She warns that MiCA could make Europe’s crypto markets as lonely as a tax office during happy hour. Who wants to comply with costly rules when you can just… not? Some local firms might pack their bags and head for more crypto-friendly lands. However, she also pointed out that the UK—Europe’s stylish ex—is busy building its own bureaucratic oubliette and isn’t much of an alternative. Brexit irony at its finest. 🙃
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2025-02-19 20:35