Regulations
By Julie Binoche
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244 Firms Made the Cut in Europe. The MiCA cutoff was brutal for the European market. More than 1,200 firms were operating before…
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Stablecoins Are the Real Stress Test. The Transatlantic Taskforce for Markets of the Future put out a joint statement recently calling…
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What Cross-Border Coordination Actually Requires. There's a rough checklist forming among policymakers, and it's got at least three hard items on it.
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Three major jurisdictions. Three different rulebooks. Zero guarantee they'll mesh.
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MiCA's transitional period ended July 1, 2026. The UK finalized its cryptoasset framework June 30. The US celebrated the first anniversary of the GENIUS Act.
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The MiCA cutoff was brutal for the European market. More than 1,200 firms were operating before the deadline. Only about 244 secured authorization under the new framework.
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The UK is moving more gradually. Its full crypto regime won't be in place until October 2027.
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So right now, you've got three major markets at three different stages of implementation. A crypto firm operating across all three basically needs three separate legal teams…
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The Transatlantic Taskforce for Markets of the Future put out a joint statement recently calling stablecoins "innovation drivers" and pushing for US-UK collaboration on…
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A stablecoin issued in the UK, held in the EU, and used in the US has to navigate three separate sets of rules on reserves, redemption, and reporting.
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The GENIUS Act does carve out some room here — foreign stablecoin issuers can operate in the US if the Treasury Department decides their home rules are "comparable.
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See also: Citigroup CEO Jane Fraser Backs Crypto Bill as Stablecoin Rules Hang in Balance
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And stablecoins aren't even the most complex piece of this. Decentralized finance, tokenized assets, agentic payments — these are moving from experimental to infrastructure…
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First: equivalence decisions. Governments need to decide when a foreign regime offers protection that's genuinely comparable to their own.
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Second: actual enforcement coordination. Common definitions are useful. But if regulators in different jurisdictions can't share information efficiently or act in concert when…
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