“Crypto firms\u2019 interest in the EU is the result of active work by local regulators, who have created a clear legal environment. Clear rules allow business to be conducted with confidence; however, the United States looks more attractive over the longer term,” he thinks.<\/em><\/p>\n<\/blockquote>\nThe expert doubts that MiCA\u2019s regulatory clarity will turn the EU into the world\u2019s new crypto hub. He stressed that American authorities are more accommodating to the industry and that, so long as \u201cDonald Trump is at the helm\u201d, the United States will continue to attract crypto business. Entering the American market remains the chief dream of many companies, he said, and with a pro\u2011crypto president that goal is closer.<\/p>\n
Speaking of the GENIUS Act, Peresichan noted that in some respects it could become an analogue to MiCA. As an example, he cited JPMorgan, which is already considering launching its own stablecoin in anticipation of a shake\u2011up of the \u201cstablecoin\u201d segment after the law is approved. <\/p>\n
At the same time he stressed that the GENIUS Act targets the stablecoin market specifically, whereas the EU\u2019s approach under MiCA is \u201cfar more global\u201d. In his words, US regulators\u2019 attitude to crypto projects has improved markedly following Gary Gensler\u2019s departure as chair of the SEC.<\/p>\n
Diversification, not flight<\/h2>\n Bitget Research\u2019s chief analyst, Ryan Lee, confirmed that many crypto firms, including his own platform, are actively seeking licences in the EU. The ability to operate legally in EU countries has been enabled by MiCA\u2019s \u201cpassport\u201d, which lets firms, after a single check, serve all countries in the EEA<\/span>. Such conditions do not yet exist in the United States, he noted.<\/p>\nEven so, Lee stresses this is not a mass exodus to the EU but a diversification of business. The United States still offers the deepest capital market and concentrates specialist funds, talent and infrastructure, remaining \u201cthe juiciest prize\u201d for crypto business. <\/p>\n
In his view, MiCA is turning the EU into one of several peer global crypto centres, but not the sole leader. He thinks it is too early to speak of America losing its position, as US regulators, under a crypto\u2011friendly Trump, are actively working to enhance the jurisdiction\u2019s appeal.<\/p>\n
Lee added that comparing the US GENIUS Act with Europe\u2019s MiCA is inappropriate, as they pursue different aims. The initiatives differ in orientation and are not comparable in essence.<\/p>\n
\n“If the GENIUS Act is about stablecoins and strengthening the dollar on the world financial stage, then MiCA is a multifaceted set of rules designed to regulate the entire crypto market, not just one of its parts,” concluded Bitget Research\u2019s chief analyst.<\/em><\/p>\n<\/blockquote>\nThe EU\u2019s approach does not foster innovation<\/h2>\n In the view of trader and author of the Telegram channel Coen+ Vladimir Coen, \u201cthe EU\u2019s rigid bureaucracy loses to America\u2019s pragmatic strategy, which will in future lead innovative companies to migrate to the States\u201d.<\/p>\n
He noted that MiCA is a comprehensive regime for the entire industry, including exchanges, custodial services and other crypto\u2011service providers, setting strict licensing standards that are mostly accessible to large players. By contrast, the GENIUS Act is focused solely on stablecoins; its main task is to promote the dollar as a global means of payment and to stimulate demand for US government bonds.<\/p>\n
Coen explained big firms\u2019 rush for EU licences as an attempt to grab share in a huge, well\u2011capitalised market while it remains relatively open. He added that for Coinbase this is part of a global expansion that the platform\u2019s head, Brian Armstrong, began after pressure from American regulators intensified.<\/p>\n
However, in Coen\u2019s words, the European approach does not encourage innovation.<\/p>\n
\n“MiCA, true to the tradition of European bureaucracy, imposes too many constraints. With such regulation, the EU has no chance of becoming the centre of the world crypto industry,” the speaker said.<\/em><\/p>\n<\/blockquote>\nHe believes MiCA\u2019s main aims are consumer protection; reshaping the market in favour of large, easily controlled players; and a hard line against money\u2011laundering and preventing capital outflows from the EU. Innovation, in this paradigm, comes second to last.<\/p>\n
In conclusion, Coen predicted that after the United States adopts its own, presumably more liberal, crypto\u2011regulation law (the Market Clarity Act), smaller Web3 companies will begin migrating from Europe to America\u2019s jurisdiction.<\/p>\n
24 June 2025 | 09:44<\/time>Update: <\/span><\/p>\nThe libertarian economist Yevgeny Romanenko took a sceptical view of the EU\u2019s chances of becoming the world\u2019s crypto hub. He noted that \u201ccapital and innovation may, for now, be a little better off in the United States\u201d.<\/p>\n
He called the EU \u201ca bureaucracy, the USSR 2.0, a space of anti\u2011innovation, hostile to cryptocurrency\u201d. In his words, \u201cthe only goal of Euro\u2011bureaucrats is more taxes and more leftism, and any regulation is harmful to innovation\u201d.<\/p>\n
Comparing MiCA with the GENIUS Act, Romanenko stressed that what unites them is hostility to the crypto industry. In his view, the American initiative\u2019s goal is not to help the sector but to stimulate falling demand for government bonds.<\/p>\n
\n\u201cThe American Leviathan cannot get off the drug of state spending; for that, bonds must be purchasable with stablecoins,\u201d the economist explained.<\/p>\n<\/blockquote>\n
He concluded that both documents are examples of how the state \u201cco\u2011opts blockchain technology, created to protect against its actions, for its own ends\u201d.<\/p>\n<\/div>\n
Earlier, Coinbase was criticised<\/a> for sponsoring a military parade in the United States.<\/p>\n","protected":false},"excerpt":{"rendered":"Trading activity by European users on crypto platforms has risen markedly since the MiCA regime came into force. Over the same period the United States has seen a decline. ForkLog gathered expert views on the reasons for the divergence. Paybis co-founder Konstantins Vasilenko told Cointelegraph that EU investors have been making larger and \u201cthought\u2011through\u201d deals. […]<\/p>\n","protected":false},"author":1,"featured_media":24851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[733,1138,36,26],"class_list":["post-24852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-europe","tag-opinions","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"46","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/24852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=24852"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/24852\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/24851"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=24852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=24852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=24852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}