39 institutions, including Nasdaq, urge the EU to separate the DLT pilot regime from new legislation and accelerate its review to respond to competition from the U.S.

According to Bloomberg, 39 signatories—including Nasdaq, the Boerse Stuttgart Group, and fintech associations from multiple countries—have called on the European Commission and the European Parliament to expedite the review of the Distributed Ledger Technology (DLT) Pilot Regime as a standalone piece of legislation and to separate it from the EU’s Market Integration and Supervision program. The signatories warned that if the overall negotiation process drags on, Europe risks falling behind the United States in DLT adoption. They urged the removal of asset-class restrictions, an increase in the aggregate transaction volume cap to €150 billion, and the elimination of license time limits. The letter also noted that the U.S. has already established a stablecoin regulatory framework through the GENIUS Act and is rapidly establishing leadership in tokenized assets. The European Commission is currently pushing for a swift resolution of the entire regulatory package, viewing it as a key component of its Capital Markets Union initiative. Financial Services Commissioner Maria Luisa Albuquerque has previously called repeatedly for all legislative proposals to be adopted simultaneously.