ECB Calls for MiCA Review Amid Growing Competition with U.S.
The European Central Bank (ECB) issued a warning that crypto support in the U.S. under Donald Trump’s administration could lead to financial destabilization in the European Union. In response, the ECB is urgently calling for a revision of the MiCA regulations.

The ECB is particularly concerned about the strengthening position of dollar-pegged stablecoins, which it sees as a threat to Europe’s financial stability. According to the regulator, the current MiCA framework is insufficient to shield the EU from potential risks stemming from the expansion of U.S. digital assets. This was reported by Politico.
An analytical report was presented on April 14 during a meeting of EU finance ministers. The central bank insisted on an immediate revision of MiCA, arguing that the law permits a risky multi-issuer model where European issuers collaborate with foreign counterparts.
Among the ECB’s key concerns:
- a projected increase in the volume of dollar-pegged stablecoins to $2 trillion by 2028, according to Standard Chartered;
- potential capital flight from the EU and growing dependency on the U.S. dollar;
- a risk of a “run” on reserves held by European issuers, in the event of mass token redemption requests.
The European Commission rejected calls for an immediate overhaul of MiCA. Officials in Brussels consider the ECB’s position overly alarmist, pointing out that the current MiCA regulation already limits the issuance of foreign currency-backed stablecoins and allows for their suspension if they threaten monetary policy. They also noted that the rules already forced major dollar stablecoin issuers, such as Tether, to halt operations in European markets. In addition, MiCA permits redemption rights to be restricted to EU residents only.
A European Commission official, speaking to Politico on condition of anonymity, claimed that the ECB’s analysis is based on a fundamentally flawed interpretation of MiCA. Moreover, the regulator is allegedly exaggerating the threat to promote its digital euro (CBDC) agenda.
Less than a month ago, ECB officials did indeed describe the introduction of a CBDC as a strategically vital move to preserve monetary policy control, financial system resilience, and the EU’s monetary sovereignty.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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