news 
Title: MiCA’s Mistake: EU Policy Encourages US Dollar Dominance
As the European Union (EU) regulatory framework for cryptoassets and other digital financial assets, the Markets in Crypto-Assets Regulation (MiCA), approaches its final stages of implementation, concerns have been raised about its potential implications. Specifically, it appears that MiCA’s approach may inadvertently encourage the dominance of the US dollar in the global cryptocurrency market.
According to CEO at Stabolut Eneko Knörr, “MiCA’s mistake” lies in its failure to address the issue of stablecoins pegged to fiat currencies, particularly the US dollar. This oversight has significant implications for the future of the EU’s crypto regulatory landscape.
The key point here is that MiCA does not provide clear guidelines on the regulation of decentralized finance (DeFi) platforms and stablecoins that are linked to fiat currencies, including the US dollar. This lack of guidance allows these platforms to continue operating with impunity, potentially further solidifying the dominance of the US dollar in global cryptocurrency transactions.
This development is a major blow for the European crypto community as it would essentially mean that the EU is inadvertently allowing the US to control the narrative and set the tone for the global digital asset market.
Source: https://cryptoslate.com/micas-mistake-eu-policy-encourages-us-dollar-dominance/
