#TRUMP ’s Crypto-Friendly America Left Behind as MiCA Boosts Europe

🌍 Europe is pulling ahead in the global crypto race under the Markets in Crypto-Assets (MiCA) framework, even outpacing President Trump’s crypto-friendly America. 💥

According to Konstantins Vasilenko, co-founder of Paybis, EU trading volumes 📈 surged 70% in Q1 2025 right after MiCA took effect. Meanwhile, US crypto activity, especially retail trading, has been trending down. 📉

MiCA’s Impact in Europe 💶

Paybis noticed that European users are placing larger, more deliberate trades, while US retail trading is declining. Other platforms like Kaiko report that only 18% of Coinbase's trading volume now comes from retail customers, down from 40% in 2021. Robinhood’s crypto volume fell by 35% in Q1 2025.

MiCA’s single licensing regime 🌍 allows crypto firms to operate across all EU states once authorized in one country. This creates legal certainty for users and ensures full reserves for stablecoins. 💡

The US Struggles with Regulatory Confusion ⚖️

In contrast, the US market is held back by inconsistent regulations, despite President Trump’s crypto-friendly rhetoric. ❌ Without clear federal legislation, crypto firms face a patchwork of state laws, SEC lawsuits, and constant uncertainty. 🔒

France Leads the Way 🇫🇷

France has emerged as a standout, seeing a 175% surge in crypto activity. This success is driven by proactive laws like the 2019 PACTE law and the country’s thriving fintech scene. 🚀 France is on track to have 24% of its population engaged in crypto by 2025.

Germany 🇩🇪 leads in institutional infrastructure, with Deutsche Boerse offering crypto settlement services, while the Netherlands 🇳🇱 shines in payment connectivity.

What’s Next for the US? 🇺🇸

The US could still make a comeback if the GENIUS Act passes. If successful, it could introduce unified licensing and clearer rules for stablecoins, mirroring MiCA’s positive impact on Europe. 🤞

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