MARKETS DAILY: Crypto Update | Circle Gets First Stablecoin License Under MiCA, Head of Global Policy Weighs in on What's Next
Jul 2, 2024
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Circle's Chief Strategy Officer and Head of Global Policy, Dante Disparte, discusses how they secured the first stablecoin license under MiCA. They also talk about stablecoins in cross-border payments, global stablecoin legislation progress, and the evolution of stablecoins and CBDCs in regulatory regimes.
Bitcoin may see price boosts from seasonal cycles, potential ETF outflows could impact trends.
Circle secures first stablecoin license under MiCA, promoting regulatory clarity and retail/institutional adoption.
Deep dives
Bitcoin's Possible Seasonal Price Boosts
Bitcoin may experience price boosts in the coming weeks due to seasonal cycles, as suggested by QCP Capital. With Bitcoin trading in a range, potential outflows from ETFs could change this. Past data indicates a median 9% return in July, hinting at a strong rebound.
Ethereum Outflows and Sector Watch in Q3
Professional investors withdrew over $120 million from Ethertracked Exchange-traded products, signaling a trend. Sectors like Bitcoin mining, AI, and gaming are poised to stand out in Q3. Tokens like Brett, Taun, and Cass have shown promise in Q2, leading to continued monitoring.
EU's Mika Crypto Rules Impact on Stablecoins
Circle obtained the first stablecoin license under the EU's Mika Crypto Rules, marking a significant milestone. The framework aims to provide legal and regulatory clarity for digital assets in the EU, promoting retail and institutional adoption. Mika focuses on protection for coin holders, potential delistings, market implications, and increased competition.
The latest price moves and insights with Jennifer Sanasie and Circle Chief Strategy Officer and Head of Global Policy Dante Disparte.
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Circle Chief Strategy Officer and Head of Global Policy Dante Disparte breaks down the stablecoin issuer's journey to secure an Electronic Money Institution (EMI) license under the MiCA regulatory framework. Plus, insights on developments in crypto regulation around the world.
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This episode was hosted by Jennifer Sanasie. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Victor Chen, alongside Senior Booking Producer Melissa Montañez. All original music by Doc Blust and Colin Mealey.