<figure class="wp-block-image size-large"><img width="325px" height="183px" srcSet="https://d2ly46a6b1u3g6.cloudfront.net/wp-content/uploads/2024/09/25012948/MiCA-Regulations-3-300x169.webp 300w, https://d2ly46a6b1u3g6.cloudfront.net/wp-content/uploads/2024/09/25012948/MiCA-Regulations-3-1024x576.webp 1024w, https://d2ly46a6b1u3g6.cloudfront.net/wp-content/uploads/2024/09/25012948/MiCA-Regulations-3-768x432.webp 768w, https://d2ly46a6b1u3g6.cloudfront.net/wp-content/uploads/2024/09/25012948/MiCA-Regulations-3.webp 1200w" sizes="(max-width: 425px) 150px, 450px" src="https://ll-blog-dev.s3.ap-southeast-2.amazonaws.com/wp-content/uploads/2024/09/25012948/MiCA-Regulations-3-1024x576.webp" alt="MiCA Regulations" class="wp-image-5894"/></figure>


Europe’s crypto rulebook is barely a year old. Brussels is already rethinking it, according to <a href="https://x.com/MerlijnTrader/status/2075158019071959390/" target="_blank" rel="noopener">Merlijn The Trader.</a> 
The European Commission launched a targeted consultation to review its Markets in Crypto-Assets Regulation in May 2026. That’s less than 12 months after the framework reached full applicability. The review’s driving question: can MiCA’s strict stablecoin standards compete with the lighter-touch approach taking shape in the US under the <a href="https://www.thecoinzone.com/global-macro/nobody-trusts-treasuries-so-tether-stepped-in/" data-wpil-monitor-id="2606">GENIUS Act</a>.
The timing is notable. ESMA confirmed in a June 23, 2026 public statement that MiCA’s transitional period ends July 1, 2026. That deadline requires all unauthorised crypto-asset service providers to cease EU operations. Within weeks of that threshold, the Commission was already running a formal feedback process. The question on the table: is MiCA still fit for purpose.
At the center of Brussels’ concern is the US GENIUS <a href="https://www.thecoinzone.com/stablecoins/genius-act-stablecoin-law-what-it-does-ethereum/" data-wpil-monitor-id="2605">Act — Guiding and Establishing National Innovation for US Stablecoins</a>. It was enacted in mid-2025. It imposes reserve and licensing requirements on <a href="https://www.thecoinzone.com/stablecoins/stablecoins-are-primed-for-huge-growth-in-2025-heres-what-you-need-to-know/" data-wpil-monitor-id="2608">stablecoin issuers</a>. It’s also widely characterized as less operationally demanding than MiCA’s regime for e-money tokens and asset-referenced tokens. A World Economic Forum analysis from September 2025 flagged the divergence. The risk: <a href="https://www.thecoinzone.com/regulation/what-is-regulatory-arbitrage/" data-wpil-monitor-id="2609">regulatory arbitrage</a>. Issuers domicile under US rules. They retain access to European markets anyway.
That dynamic is now a documented factor in the Commission’s targeted consultation. The review is open through 2026. It’s soliciting stakeholder input on cross-border stablecoin activity. The core concern is competition from jurisdictions running softer standards.
The review arrives against a backdrop of serious market attrition inside the EU. Secondary reporting citing ESMA licensing data puts MiCA-authorised crypto-asset service providers at roughly 244. Out of approximately 3,389 that registered under transitional arrangements. Those figures haven’t been independently verified against ESMA’s official authorisation registry as of the July 1, 2026 deadline. But the gap speaks for itself. The compliance bar is steep. And that’s before any restructuring.
<a href="https://www.thecoinzone.com/news/circle-mints-125b-usdc-solana-ethereum-single-day/" data-wpil-monitor-id="2612">Circle holds EU MiCA licensing for USDC</a>. It sits directly in the crosshairs of any scope expansion. <a href="https://www.thecoinzone.com/stablecoins/what-is-usdt/" data-wpil-monitor-id="2610">Tether didn’t pursue MiCA authorisation for USDT</a>. It could find itself subject to new <a href="https://www.thecoinzone.com/news/eu-crypto-rules-euro-stablecoins-unviable/" data-wpil-monitor-id="2611">rules targeting multi-jurisdiction stablecoin</a> distribution. That’s a focus area the Commission is specifically examining, according to Ledger Insights’ reporting.
For Ethereum-native protocols and DeFi <a href="https://www.thecoinzone.com/defi/yield-farming/" data-wpil-monitor-id="2607">liquidity providers</a> operating across the EU and US, the uncertainty compounds. MiCA’s first iteration took years to negotiate and implement. A restructured follow-on framework could arrive faster. It’s being shaped in direct response to American legislative positioning. It could carry broader scope than the regulation it revises.

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Europe's MiCA Rulebook Faces Early Review Amid US GENIUS Act Pressure

Europe's MiCA regulation faces early review as the US GENIUS Act threatens regulatory arbitrage. What stablecoin issuers and crypto firms need to know.