Circle Internet Financial has submitted feedback to the European Insurance and Occupational Pensions Authority (EIOPA) regarding their consultation on technical advice for standard formula capital requirements for investments in crypto-assets. The current draft by EIOPA suggests a uniform 100% stress factor on all crypto-assets, which Circle argues fails to account for the differing risk levels among asset classes. Circle endorses Policy Option 4, which advocates a more differentiated approach, especially for tokenized assets like electronic money tokens (EMTs) that are fully backed by high-quality liquid assets and carry less risk. The company stresses the need for EIOPA's guidance to be in line with existing regulations like the Capital Requirements Regulation (CRR), which already includes a proportional approach for EMTs. Circle is dedicated to working with global regulators to ensure a secure and inclusive future for digital finance, continuing to engage in policy discussions that shape the industry's direction.