The European Commission's public consultation on revising the Markets in Crypto-Assets regulation closed on Wednesday, drawing submissions from major industry players who argue the framework needs substantial changes, particularly around stablecoin reserve requirements and the treatment of decentralised finance.
Among the participants were Circle, Deutsche Börse, AFME, the Hyperliquid Policy Center, and the EU's own supervisory authorities ESMA and EBA. The Commission said it will evaluate the submissions jointly with EBA and ESMA before deciding on next steps.
One of the most contentious points concerns stablecoin reserves. Under the current MiCA rules, issuers must hold 30 percent of reserves as bank deposits, a requirement several participants in the consultation want revisited.
Euro stablecoins under scrutiny
Berlin-based crypto investor Greenfield Capital used its submission to highlight the marginal role of euro-denominated stablecoins globally, noting they account for less than 1 percent of global stablecoin supply. The firm is calling for lower regulatory hurdles for euro stablecoins and for the abolition of the ban on paying interest to stablecoin holders, arguing current rules put European issuers at a structural disadvantage.
On the question of derivatives, there appears to be broader consensus among participants. Submissions showed widespread agreement that crypto products such as perpetual futures should continue to fall under the EU's existing MiFID framework rather than be folded into a revised MiCA regime.
A long runway for change
Any revision to the framework will take time to materialise. The Commission is required to submit a report on its findings to the European Parliament and the Council by June 30, 2027, giving regulators and industry a multi-year window before any formal legislative changes could take effect.
The breadth of participants in the consultation, ranging from a major stablecoin issuer in Circle to market infrastructure operators like Deutsche Börse and banking lobby group AFME, underscores how central the stablecoin and derivatives questions have become to the European crypto industry's regulatory priorities as MiCA approaches its first substantive review since entering into force.
