Brussels moves to revise MiCA as US stablecoin law reshapes global rulebook

The European Commission has begun preparing revisions to its Markets in Crypto-Assets (MiCA) framework, opening a formal consultation on possible changes just days after the regime’s core licensing rules became fully binding across the bloc. The move follows the enactment of the United States’ GENIUS Act, which has redrawn the global regulatory map for stablecoin issuance, according to a report by Euronews.

Euronews reports that officials are examining how non-EU firms issuing stablecoins should be treated under MiCA in light of the new American law, and are weighing whether the framework should be widened to capture tokenised payments and tokenised deposits. The review is also intended to give US-based stablecoin issuers clearer legal footing to operate across the EU’s 27 member states, an issue Euronews said has taken on fresh urgency since Washington’s legislation passed.

A licensing regime barely a week old

The timing is notable. Since 1 July, any crypto firm serving customers in the European Union has been obliged to secure authorisation as a Crypto-Asset Service Provider (CASP) from a regulator in one member state before offering services bloc-wide. That regime, the centrepiece of MiCA, had only just become fully operational when the Commission opened its consultation on what industry participants are already terming “MiCA 2.0”.

The consultation is seeking feedback on decentralised finance, stablecoins and other areas regulators believe may need further rulemaking, with the public comment window running until 31 August. For an industry that has only recently absorbed the compliance burden of the original MiCA text, the prospect of a further legislative round underscores how quickly the transatlantic regulatory landscape is moving.

ESMA turns to custody risk at licensed firms

Separately, the European Securities and Markets Authority (ESMA) said it will examine the operational resilience of CASPs already licensed under MiCA, with particular focus on custody-related risks. ESMA said the review will run from July through the first half of 2027, assessing how firms safeguard client assets and manage operational disruptions under the bloc’s new framework.

The supervisory exercise runs in parallel to the legislative consultation, giving Brussels two simultaneous channels through which to reassess how well the year-old framework is functioning in practice, both for firms newly authorised under it and for those seeking to enter the bloc from outside.

Washington’s parallel push adds pressure

The GENIUS Act is not the only US development shaping the debate. Lawmakers in Washington are also advancing the Digital Asset Market Clarity Act, intended to establish a broader market-structure framework for digital assets. Taken together, the two pieces of legislation are prompting European regulators to consider whether MiCA, designed before either US law existed, adequately addresses cross-border stablecoin issuance and tokenised financial instruments.

For European exchanges and stablecoin issuers already navigating the CASP licensing process, the prospect of a “MiCA 2.0” adds a further layer of regulatory uncertainty, even as the bloc positions itself as having moved first with a comprehensive crypto rulebook.

Read more: Kraken’s Early MiCA Licence Pays Off as It Leads EU Exchanges on Liquidity