ESRB Calls for Regulation of Foreign Stablecoins
The European Systemic Risk Board (ESRB) is urging for a crackdown on foreign stablecoins due to concerns over a potential "redemption run".
The ESRB notes that the EU is facing a "high degree of legal uncertainty" in regulating stablecoins issued by both EU and non-EU entities.
The existing Markets in Crypto Assets Regulation does not cover stablecoins with both EU and non-EU issuers.
This gap in regulation increases the likelihood of "redemption runs", according to the ESRB.
- The ESRB is calling for an overhaul of the Markets in Crypto Assets Regulation (MiCA) to address this issue.
- The trade group has also expressed concerns that the current plans for regulation are too vague to support.
Author's summary: ESRB urges EU to regulate foreign stablecoins to prevent redemption runs.
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