The EU is pushing for a global regulatory framework for crypto, called “MiCA”.
-The key points of MiCA are eurocentrism (only EU-based firms can be approved as CASPs or e-money token issuers, and trading volume limits are unrealistic), protectionism (CASPS and e-money token issuers must use euro-denominated trading pairs, and Germany is planning to tighten EU directives for non-German banks), and the threat of challenges to the euro from the crypto space.
-This protectionist approach is likely to be the bills undoing, as it will deter firms from operating in the EU.