According to ChainCatcher, citing Bloomberg, 39 signatories, including Nasdaq, the Stuttgart Stock Exchange Group, and several national fintech associations, are calling on the European Commission and the European Parliament to expedite the review of the distributed ledger technology pilot program as independent legislation and to separate it from the EU's market integration and oversight framework.
The signatories stated that if the overall negotiation process is too lengthy, Europe may fall behind the United States in the application of DLT, and demanded the removal of asset class restrictions, an increase in the total trading volume cap to €150 billion, and the elimination of license time limits. The letter also mentioned that the United States has established a stablecoin regulatory framework through the Genius Act and is rapidly establishing a leading position in the tokenized asset field. The European Commission is currently pushing for a swift resolution of the entire regulatory framework, considering it a key part of its Capital Markets Union plan. Financial Services Commissioner Maria Luis Albuquerque has previously repeatedly called for all legislative proposals to be passed simultaneously.
