Title: Dante Disparte, Circle's global policy leader, believes cryptocurrency space needs more regulatory clarity

Dante Disparte, Global Policy Director at Circle, believes that the cryptocurrency sector urgently needs a clearer regulatory framework, such as the EU's Crypto Assets Markets Act (MiCA).

In a roundtable discussion at the Paris Blockchain Week, Disparte and Ari Redbord, global policy director at TRM Labs, jointly highlighted the importance of clear regulations in attracting more investors, financial institutions and other stakeholders into the cryptocurrency space.

Disparte notes that effective regulations can attract international investment, especially in France, where legal certainty provided by MiCA will encourage more investment. He believes that Europe has the best opportunity to regulate Internet financial services with the MiCA framework.

The Circle (USDC) team has been committed to pushing the United States to pass two stablecoin bills - the Responsible Financial Innovation Act and the Stablecoin Act, in order to achieve the legal clarity that MiCA brings to the European market. Disparte said that the coordination between the two bills and the MiCA framework will achieve mutual recognition of transatlantic regulatory measures and avoid competition between the United States and Europe.

In addition, Circle supports European regulators to equate stablecoins that meet MiCA standards with electronic currencies and agrees with MiCA's prohibition on stablecoins issuance from paying interest or income to holders. Disparte believes that the innovation of stablecoins should be reflected in the secondary market, and its functions should focus on units of measurement, medium of exchange, and store of value equivalent to fiat currencies such as the US dollar or the euro.

MiCA proposed in June 2023 that it has set strict regulations and standards for cryptocurrency companies and stablecoin issuers, including prohibiting payment of stablecoin proceeds. Therefore, issuers such as Tether (USDT) and Circle must comply with MiCA to continue operating in Europe. In July 2024, Circle became the first stablecoin company to obtain an electronic currency institution license issued by French regulators, allowing it to sell its MiCA-compliant stablecoins across Europe.

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