Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, a new Blockchain for Europe report says the European Union’s MiCA regulations have made euro stablecoins safer but less competitive, 88 people, including 10 minors, have been indicted in connection with alleged wrench attacks on crypto owners in France, and Strategy’s Michael Saylor on Sunday signaled an impending BTC purchase.
A new report released Monday from industry group Blockchain for Europe argues that the European Union’s flagship crypto laws, the Markets in Crypto-Assets Regulation (MiCA) framework, have produced euro-denominated stablecoins that are ultra-safe but commercially weak, leaving the bloc far behind US dollar-pegged tokens in digital payments and trading.
The report cites DeFiLlama data that euro stablecoins account for less than 1% of global stablecoin volume despite the euro’s much larger role in global markets, and argues that MiCA has pushed them onto the “downward-sloping” part of a regulatory “Laffer” curve, where stricter rules reduce the activity they are meant to govern.
