The European Union is moving ahead with a review of its crypto asset and stablecoin rules even as the European Commission's Directorate-General for Financial Stability, Financial Services and Capital Markets Union is still consulting on whether MiCA (Markets in Crypto-Assets regulation) stablecoin provisions should be revisited. The planned review is expected to tackle a key gap in the current regime: non-EU stablecoin issuers have struggled to obtain authorization, leaving major foreign issuers including Tether outside the framework. That has left European crypto users either unprotected or isolated, according to Circle senior director of stablecoin strategy and policy Patrick Hansen. EU diplomats are also set to consider broadening MiCA to cover tokenized payment methods and tokenized deposits. The rethink comes as the U.S. GENIUS Act (U.S. stablecoin bill) advances and the Trump administration pushes stablecoin policy, while MiCA's transition period for crypto-asset service providers ended on July 1 and parts of the rulebook reflect market conditions from more than three years ago.