Circle Responds to the European Commission’s Proposed Market Integration Package

Circle Internet Financial provided feedback to the European Commission on the Market Integration Package, which aims to advance capital markets integration and oversight in the EU. Circle praised the proposals for enhancing a digitally enabled financial system and offered suggestions for refinement across four key areas: reforming the DLT Pilot Regime to encourage institutional adoption, allowing all MiCA-compliant e-money tokens for cash-leg settlement in securities transactions, calibrating centralised supervision of Crypto-Asset Service Providers to focus on systemic actors, and incorporating EMTs into collateral frameworks for modernising EU capital markets. The feedback emphasizes the importance of adaptive threshold mechanisms, international interoperability, reducing administrative complexity, and ensuring legal certainty for EMTs. Circle remains committed to supporting the EU's vision of a more integrated capital markets union by providing regulated and programmable infrastructure to enable future financial services in Europe.