Genius vs MiCAR and what it means for Europe

Bitcoin, Fiat & Rock'n'Roll

The US regulates stablecoins for the first time – what's next, Europe?

Genius Act vs. MiCA – Stablecoins Between the US and EU

In this episode of Bitcoin, Fiat & Rock’n’Roll, we dive into one of the hottest topics in crypto regulation: the newly passed US stablecoin legislation – the Genius Act. But we don’t stop there. Together with Anja von Rosenstiel, we go beyond the headlines and compare the Genius Act with MiCA – the EU’s Markets in Crypto-Assets Regulation.

What are the key differences between stablecoin regulation in the US and the EU? What do they mean for issuers, users, and central banks – especially the ECB? And why is the US seemingly opening its doors to global stablecoins while the EU remains hesitant?

Anja von Rosenstiel is uniquely qualified to answer these questions. She’s a licensed attorney in both Germany and the US, counsel at FinLaw in Frankfurt, adjunct professor at Boston University, and a research fellow at the Decentralization Research Center. Together, we also co-authored an article on the topic in Frankfurter Allgemeine Zeitung – linked in the show notes (English version included).

In this episode, we discuss: • The content and implications of the Genius Act – and why it served as a “catalyst” for broader US crypto legislation • Key differences in issuer oversight, reserve requirements, capital obligations, and redemption rights • Why the Genius Act seems more innovation-friendly than MiCA – but comes with its own trade-offs • The strategic contrast: the US aiming for stablecoin dominance, while the EU focuses on restriction and control • What the EU needs to do now to stay relevant in the global stablecoin race – including ideas for ECB involvement

This is a deep dive for anyone interested in stablecoins, regulation, and the global future of digital money.

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LinkedIn Anja von Rosenstiel

Article on Genius vs MiCAR in FAZ

English version of the article on Genius vs MiCAR in FAZ

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1. Intro (00:00:00)

2. Similarities between Genius and MiCAR (00:07:11)

3. Interest payments from the issuer (00:14:25)

4. How does the reserve have to be composed? (00:16:09)

5. What if there is a bankrun on the back which holds your deposits? (00:20:43)

6. Capital requirements (00:21:22)

7. Consumer protection (00:23:01)

8. Backing? (00:25:43)

9. How are foreign issuer treated? (00:28:35)

10. Is Europe more worried than the US? (00:30:48)

11. Implications for Europe (00:35:50)

12. Do we need more support for euro stablecoins? (00:41:18)

13. Wrap-up (00:46:58)