Aave founder Stani Kulechov expressed disappointment with the European Central Bank and European Banking Authority's MiCA consultation responses, criticizing proposed appropriateness tests and certification requirements for DeFi protocols as potentially creating a 'walled garden' that limits access to open financial networks.
Circle submitted comments to the European Commission on MiCA regulations, proposing that the multi-issuance model for stablecoins be preserved to allow EU and overseas entities to jointly issue global stablecoins. Circle recommended a framework where home-jurisdiction regulators would oversee issuers while the EU handles equivalence assessments and EBA recognition.
Aave founder Stani Kulechov criticized European regulators' proposed restrictions on crypto asset service providers offering DeFi access, warning that limiting protocols through suitability tests and certification systems could fragment open finance and reduce opportunities for European users.
European regulators' proposed restrictions on stablecoins and DeFi access through MiCA regulations risk creating barriers to innovation and limiting consumer access to onchain financial services, while U.S. regulators take a more pragmatic approach. Meanwhile, ZEC integration on THORChain enables decentralized trading and access to Bitcoin and stablecoins.