Polish lawmakers failed to override President Nawrocki's veto on a significant crypto bill, hindering Prime Minister Tusk's efforts to align with EU MiCA regulations. This setback keeps Poland as the only EU country not adopting the framework while the local crypto market continues to grow.

This article discusses how the GENIUS Act in the U.S. and the MiCA regulation in Europe are redefining stablecoins by establishing clearer legal frameworks for redemption rights and reserve access. It argues that these developments could create a two-tier market, distinguishing between stablecoins with strong legal backing and those that may behave like risk assets in a crisis.