What happened
The European Commission published a formal call for evidence on Wednesday covering the Markets in Crypto-Assets Regulation, opening a 14-week window for stakeholders to file written feedback through Aug. 31, 2026. The consultation is structured around three blocks: how the stablecoin regime under Title III and IV is performing, whether the CASP authorization framework under Title V is workable for small and mid-sized firms, and whether the supervisory architecture split between the European Securities and Markets Authority and the 27 national competent authorities is producing consistent outcomes.
BeInCrypto reported the launch Wednesday afternoon, citing Commission materials. Stefan Berger, the German MEP who served as Parliament's lead rapporteur when MiCA cleared in 2023, told the outlet that the review should look hard at proportionality, his shorthand for cutting compliance cost on issuers and exchanges that don't pose systemic risk. Berger's framing matters because he is the political owner of the file inside Parliament and any amendment package will land back on his committee.
The Commission is required to deliver a report to the Parliament and Council after the consultation closes, with a timeline pointing to a draft assessment in the first half of 2027.
Why it matters
MiCA is the first comprehensive crypto rulebook in any major jurisdiction, and the review is the first formal opportunity to revisit choices that were locked in during the 2022-2023 trilogue. The stablecoin chapter is the most contested piece. Issuers like Circle restructured operations to meet the e-money token regime, while Tether declined to seek authorization and saw USDT delisted across most EU venues earlier in the cycle.