Overview
- Eight EU‑regulated operators, including Securitize, 21X and Boerse Stuttgart Group’s Seturion, sent a coordinated letter urging rapid changes to the DLT Pilot Regime.
- The group seeks removal of asset‑type restrictions, a higher transaction cap of roughly €100–150 billion from today’s ~€6–9 billion, and elimination of the six‑year license limit.
- They cite U.S. momentum after the SEC granted no‑action relief to DTCC and as Nasdaq and NYSE outline tokenized trading that could enable T+0 settlement as soon as 2026.
- CME Group’s collaboration with Google on tokenized cash collateral is highlighted as further evidence that U.S. market infrastructure is moving to live deployment.
- The firms warn that with the EU’s broader reforms not fully effective until 2030, liquidity could migrate to the U.S., weakening Europe’s capital markets and the euro’s competitiveness.