Thirty-nine institutions, including Nasdaq, urge the European Union to accelerate the review of the DLT pilot regime to address competition from the United States.
Foresight News reported, citing Bloomberg, that Nasdaq, Boerse Stuttgart Group, and 39 other signatories—including fintech associations from France, Spain, Italy, Hungary, and Poland—are calling on the European Commission and the European Parliament to separate the review of the “Distributed Ledger Technology (DLT) pilot regime” from the EU “Market Integration and Regulatory Package” and accelerate its processing. The signatories believe that the overall negotiation process for the package may be lengthy, leaving Europe at risk of falling behind the US in DLT applications.
In a letter to Financial Services Commissioner Maria Luis Albuquerque, the signatories requested the removal of asset class restrictions, an increase in the total trading volume cap to €150 billion (approximately $176.6 billion), and the elimination of time limits for licenses. The letter notes that the US last year passed the Genius Act to establish a stablecoin regulatory framework and is swiftly consolidating its lead in tokenized assets. The European Commission is currently pushing for a swift resolution of the entire regulatory package, viewing it as a key part of its Capital Markets Union initiative. Financial Services Commissioner Maria Luis Albuquerque has repeatedly called for all legislative proposals to be adopted in parallel.
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