50k Europeans Urge EU to Relax Stablecoin Rewards Limits
Over 50,000 Europeans have signed a petition urging the European Commission to relax limits on stablecoin rewards during its review of the Markets in Crypto-Assets (MiCA) rules. The call is part of the Commission's MiCA consultation process that closed on Wednesday. Stand With Crypto EU, an advocacy group, argues that the current approach puts regulated euro-linked stablecoins at a disadvantage compared with bank deposits and other e-money products.
The group claims its outreach has reached a scale far beyond previous crypto consultations. According to Stand With Crypto EU, more than 50,000 submissions were made during the MiCA consultation. This exceeds participation seen in the European Commission's 2020 consultation on crypto rules, which received around 198 responses.
Stand With Crypto EU is pushing for rewards such as cashback, loyalty benefits, and fee reductions - rather than interest payments. The group argues that this would allow regulated stablecoins to compete more directly with traditional financial products. European central banks have also been pressing for changes to how MiCA treats stablecoins.