39 institutions, including Nasdaq, call on the EU to separate the DLT pilot system from new legislation and accelerate review to respond to U.S. competition

ChainCatcher reports, citing Bloomberg, that 39 signatories including the Nasdaq, Stuttgart Stock Exchange Group, and multiple national FinTech associations, are urging the European Commission and the European Parliament to fast-track the distributed ledger technology pilot scheme as an independent piece of legislation and to detach it from the EU market integration and supervision plans.

The signatories say that if the overall negotiation process drags on, Europe may fall behind the United States in DLT applications, and they are calling for the removal of asset class restrictions, an increase in the overall transaction volume cap to 150 billion euros, and the cancellation of license time limits. The letter also notes that the U.S. has established a stablecoin regulatory framework through the Genius Act and is rapidly establishing a leading position in the tokenized assets sector.

The European Commission is currently driving a swift resolution of the entire regulatory package, viewing it as a key part of the Capital Markets Union initiative. Financial Services Commissioner Maria Luis Albuquerque previously urged that all legislative proposals be approved in parallel.