The central debate in digital asset policy used to be
whether to regulate at all. That question is now settled. MiCA’s transitional
period ended July 1st, 2026; the UK finalized its cryptoasset rulebook on June
30th; the US celebrated the one-year anniversary of the
GENIUS Act becoming law; and the SEC and CFTC issued joint guidance in
mid-March that classified many digital assets as digital commodities.

What now keeps industry participants and policymakers up at
night is whether rules written in Washington, London, and Brussels can
interoperate and work alongside one another.

The end of MiCA’s transitional period triggered a major
shakeout in the European market. Of the more than 1,200 firms previously
operating under national frameworks,…