Some of the most consequential financial rules begin with surprisingly little text.

For example, on page 36 of the European Commission’s current MiCA review, item 66 asks whether Europe’s treatment of staking is adequate and, if it isn’t, what requirements should apply to companies providing staking services.

The question is brief, but the consequences wouldn’t be.

There isn’t a proposed staking license, a new capital requirement, or an agreed position in Brussels that any of those things should exist. The European Commission’s MiCA review consultation remains open until Sept. 30 at 23:59 CEST and could eventually feed into legislation that amends MiCA, but the Commission says explicitly that the document isn’t a final policy position.

Even…