Happy Thursday, advisors!
In today’s newsletter, Maria Golenkovexplains how the EU’s MiCA framework is the blueprint for future U.S crypto regulation. Learn why your governance and controls need to align now to avoid scrambling later.
Then, in “Ask an Expert,” Felix Xu answers questions around why operational risk is the primary investment risk in digital assets, explaining the specific internal controls advisors must demand.
Happy reading.
MiCA’s final deadline just hit in Europe. U.S. advisors should be taking notes.
Right now, America’s crypto regulatory landscape is fragmented across multiple agencies. The Securities and Exchange Commission (SEC) regulates one thing, the (CFTC) another, FinCEN handles its piece, and then you have state-level requirements on top. No master playbook. No unified vision. The European Union, meanwhile, finished writing theirs in 2023, implemented it through 2024 and has been enforcing it since. The Markets in Crypto-Assets Regulation, or MiCA, is now the standard everyone in Europe has to meet. And as of July 1, 2026, the grace period is over. The transitional window that let firms keep operating under old national rules expired with no extensions. Serve EU clients now and you need full authorization, or you wind down.
