The quick passage of the US law “rattled a lot of people”, one person said, adding: “They’re saying, ‘Let’s speed up, let’s push’.” The European Central Bank has been working for several years on potentially creating a digital version of the euro, which would be free to use across the Eurozone. Supporters say such a digital currency would give people access to a form of payment backed by the central bank as cash usage declines, while promoting the euro globally. EU officials are now worried the new American legislation will spur the already growing use of dollar-denominated tokens and believe that a digital euro is needed to protect the single currency’s dominance across the continent. “It’s starting to generate conversations that were not in place before the Genius Act,” one of the people said.

https://www.ft.com/content/8ad60169-d1e5-4d2c-b928-d53d668f0ec6