The European Securities and Markets Authority argued that disclosures or customer warnings are insufficient to replace the issuer protections required under the Markets in Crypto Assets regulation, such as reserve, redemption and disclosure requirements

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

Laws and rules for fiat-pegged tokens, from the US GENIUS Act to Europe's MiCA, covering reserves, licensing and yield restrictions.