According to online reports, Paybis co-founder Konstantins Vasilenko said that in the first quarter of 2025, after the MiCA regulation came into effect, the transaction volume of EU customers increased by 70% month-on-month. During the same period, retail trading activity in the US market showed a downward trend. Kaiko estimates that only 18% of Coinbase's current spot trading volume comes from retail investors, down from 40% in 2021. Robinhood's crypto trading volume also fell by 35% in the first quarter of 2025. Vasilenko said that MiCA will open its licensing window on January 1, 2025, and the new injection of funds will be larger and more purposeful. The MiCA framework introduces a single licensing system for all EU member states and implements strict regulations on stablecoins, requiring 1:1 reserves, auditing and asset isolation, thereby enhancing investor confidence. In contrast, continued regulatory uncertainty in the United States has hindered market development. Despite pro-cryptocurrency rhetoric by U.S. President Trump and members of his administration, comprehensive federal crypto legislation has not yet been introduced.