European Central Bank requests Brussels eliminate MiCA stablecoin rule

By Michael FawnThe European Central Bank (ECB) and the 27 national central banks of the European Union have formally requested that Brussels eliminate a key provision within the Markets in Crypto-Assets (MiCA) regulation. The rule in question requires large stablecoin issuers to hold 60% of their reserves in commercial bank deposits, a clause Tether has already cited as a primary reason for not seeking an EU license.This development places the EU’s most powerful financial regulator in an u