# Exploring the Geopolitical Implications of MiCA vs. GENIUS Act

- Channel: [Stable Summit](https://streameth.org/stable_summit)
- Date: 2025-10-07
- Duration: 17:22
- Watch: https://streameth.org/watch/yt-pgHu8uQE2aU
- YouTube: https://www.youtube.com/watch?v=pgHu8uQE2aU

## Description

In this session, Gunnar from Monerium reflects on the real-world impact of MiCA and the GENIUS Act from the perspective of a licensed European issuer. He outlines why forcing stablecoin issuers to store reserves with competing banks could stifle EU innovation, how the US dual model may attract more builders, and why yield bans undermine adoption. From Iceland’s 2008 collapse to today’s global stablecoin market, this is regulation through a geopolitical lens.

Speaker:
Gunnar Haraldsoon, Executive Director, Monerium
Moderator: Eric Hill, Head of legal & policy, Railgun & Private Proof of Innocence

---
00:00 Monerium Introduction and Licensing
00:37 GENIUS vs MiCA: Diverging Regulatory Goals
02:35 MiCA’s Reserve Rule and Bank Competition
05:10 Iceland’s 2008 Crisis and Stablecoin Lessons
07:52 Consumer Protection and Legal Certainty
10:28 Global Regulatory Arbitrage and Jurisdiction Competition
13:19 Harmonization vs Fragmentation: The Real Tradeoff
16:49 Final Reflections on Open Protocols

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About: 
By Stake Capital Group and Party Action People, and presented by Curve Finance, Stable Summit has been gathering leaders in stablecoins almost quarterly since 2023. Our content is curated through hours of one-on-one research with the leading minds in the stablecoin space. Each program is a highlight reel of what leaders in stables are curious about in real time. Our audience consistently features the full spectrum of the stablecoin ecosystem, from DeFi protocols to institutions, from stablecoin issuers to central banks, and every llama in between.