A group of MEPs from the Socialists and Democrats (S&D) and Greens/EFA political groups has tabled amendments to the European Parliament's draft resolution on digital assets and financial system competitiveness, shifting the text toward a more cautious, risk-focused stance and adding explicit concern about the expansion of US dollar-denominated stablecoins. The amendments, tabled on 3 July 2026 to the report by Johan Van Overtveldt (ECR), would affect EU financial regulators, stablecoin issuers, and payment service providers by altering the resolution's policy signals.
Amendment 1 introduces a new paragraph expressing concern that the rapid growth of US dollar stablecoins could weaken EU monetary sovereignty, increase financial stability risks, impair monetary policy transmission, and reinforce external payment dependencies. Amendment 2 replaces the draft's welcoming tone toward euro-denominated e-money tokens under the Markets in Crypto-Assets Regulation (MiCAR) with a neutral "notes," removing language that encouraged their development to support EU payment innovation, competitiveness, and the euro's international role, as well as references to harmonised liquidity-risk and crisis-management frameworks. Amendment 3 removes a call for legal certainty on multi-issuance of stablecoins by EU and non-EU entities, deletes the need for a robust regulatory framework with prudential safeguards, cooperation arrangements, and crisis management protocols, and instead simply recalls the European Systemic Risk Board (ESRB) warning while calling for strict mitigation of multi-issuance risks.
The amendments, which are proposed and not yet adopted, will be examined and voted on in plenary before becoming the Parliament's position. The report is an own-initiative resolution, meaning it sets out Parliament's views but does not directly amend EU law. The proposed changes represent a divergence from the rapporteur's original draft, which took a more welcoming approach to euro stablecoins and multi-issuance frameworks. Stakeholders such as stablecoin issuers and payment service providers may face reduced regulatory encouragement for euro-denominated products, while EU financial regulators would be tasked with a more cautious oversight stance. The amendments also highlight a trade-off between promoting innovation and competitiveness in digital payments and safeguarding monetary sovereignty and financial stability. Institutional follow-up will depend on the plenary vote and subsequent Council and Commission reactions.