🇪🇺🇺🇸 (25 June) MICAR versus the GENIUS Act - European Parliament

🇪🇺 The EU’s Markets in Crypto-Assets Regulation (MiCAR) creates a broad framework for crypto-assets not already covered by existing EU financial legislation.
It combines stablecoin rules with a wider regulatory regime for crypto-asset service providers.
🇺🇸 By contrast, the US GENIUS Act focuses specifically on payment stablecoins.
It sets rules for issuance, reserve backing, and supervision within the existing US regulatory structure.
📄 This briefing compares both frameworks by examining their approaches to classification, supervision, AML/CFT, and regulatory coordination, while also assessing selected implications for financial stability and monetary sovereignty.
📄 The key difference between the two models is not only how they treat stablecoins, but how they structure the relationship between digital assets, existing financial law, and supervisory authorities.
📄 More broadly, the comparison shows that digital asset regulation is moving away from experimentation and toward deeper integration into existing financial and regulatory systems.
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