Marina Markezic, director and co-founder of the European Crypto Initiative (EUCI), has described the call by the European Stability Mechanism (ESM) Managing Director to revise the Markets in Crypto-Assets (MiCA) regulation as “premature.” She expressed her views in a post on X dated March 13.
“Remarks by the ESM Managing Director Pierre Gramegna at a Press conference following Eurogroup meeting, Brussels, 10 March 2025,” said Markezic. “A call to review MICA, because a new US stablecoin bill will pass soon, seems a little too premature. Implementing changes now will mean disrupting these processes rather than allowing them to be finalised. At the end of the day, it just shows how much the US administration’s next step will influence the current crypto assets regulation in the EU.”
Markezic’s comments were in response to ESM Managing Director Pierre Gramegna’s support for the European Commission’s proposal to review the MiCA framework. She noted that many regulators are still issuing licenses, and firms have until 2026 to comply with the regulations. Markezic emphasized that U.S. policy will significantly “influence” crypto regulation within the EU.
According to the European Union, MiCA aims to establish uniform rules for crypto-asset issuers and service providers not covered by existing EU laws. The regulation seeks to ensure transparency, consumer protection, and market stability, with specific obligations for different types of crypto-assets, including e-money and asset-referenced tokens. Effective from December 30, 2024, it includes provisions on governance, disclosure, and preventing market abuse under oversight by EU authorities such as the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA).
In related developments in the United States, Senator Bill Hagerty along with Senators Cynthia Lummis, Kirsten Gillibrand, and House Banking Committee Chair Tim Scott introduced the GENIUS Act aimed at regulating payment stablecoins. This act builds upon previous legislation proposed in April 2024 known as the Lummis-Gillibrand Payment Stablecoin Act. The GENIUS Act designates permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act (BSA) and restricts issuance in the U.S. to approved entities such as subsidiaries of insured depository institutions and federally or state-qualified nonbank issuers.
Markezic has been involved with crypto projects since 2017, focusing on governance, decentralized finance (DeFi), and non-fungible tokens (NFTs). She is recognized for her expertise in these areas and frequently speaks at blockchain events. Previously leading an advisory team at Cofound.it where she evaluated over 700 whitepapers, Markezic was named one of the top 100 women in fintech by Lattice80 in 2018.
