Executive Summary Bearish (Market Access): ESMA’s aggressive stance on post-MiCA transitions removes all ambiguity by mandating an immediate halt to marketing and onboarding for unauthorised firms, effectively forcing an expensive, non-revenue-generating operational exit from the EU market. Bearish (Scalability): The Bank of England’s new regime for systemic stablecoins introduces artificial growth ceilings via strict issuance caps, restricting network effects and suppressing