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Ardoino criticized MiCA, arguing that it introduces significant systemic risks rather than enhancing system security. The Tether CEO was also asked about Trump's plan to create a strategic BTC reserve https://t.co/RZW7BHzRIx
.@Tether_to CEO @paoloardoino has raised concerns that the European Union’s Markets in Crypto-Assets (MiCA) regulation poses a systemic risk not only to stablecoins but also to the broader banking system. The MiCA regulation, which took effect on June 30, imposes stringent… https://t.co/rYeWdsj785
Tether CEO Paolo Ardoino said that the EU's recently approved MiCA poses a threat to stablecoins. MiCA requires that at least 60% of stablecoin reserves must be held in EU bank accounts. But Silicon Valley Bank collapsed in 2023, and USDC once de-pegged. https://t.co/f2XuW0T21N
Tether CEO Paolo Ardoino has expressed concerns regarding the European Union's Markets in Crypto-Assets (MiCA) regulation, which he believes poses a systemic risk to both stablecoins and the broader banking system. The MiCA regulation, effective June 30, mandates that at least 60% of stablecoin reserves be held in EU bank accounts. Ardoino argues that such requirements could introduce significant systemic risks rather than enhancing system security. He highlighted the collapse of Silicon Valley Bank in 2023 and the de-pegging of USDC as examples of potential vulnerabilities. These regulations could threaten Tether's operations in Europe.