Circle: ESMA's Draft MiCA Standards Unrealistic
CryptoNewsTerminal Staff27 May, 2024
Circle: ESMA's Draft MiCA Standards Unrealistic
Circle’s EU policy chief has called draft standards from the European Securities and Markets Authority (ESMA) setting out rules for the EU’s landmark crypto regulation, MiCA, “unrealistic.” Patrick Hansen argued that ESMA’s draft places too much emphasis on detecting and reporting instances of miner extractable value (MEV), a practice where miners, block builders, and validators can increase their block rewards by inserting or reordering transactions within a block. “The proposed standards require extensive reporting procedures for MEV detection, which is simply unreasonable given the complexity and frequency of MEV in crypto markets,” he said. ESMA has said that stakeholders can submit feedback on the draft standards until June 25.
