Seqlense Investment Brief 38 - EN
Investment Brief #38 documents the test of resilience that follows innovation. In crypto-assets, ESMA calls for an end to services linked to stablecoins not compliant with MiCA, while the EBA classifies USDC, issued by Circle Internet Financial Europe, as the first significant e-money token, with direct EBA supervision from 12 November 2026. ESMA also opens a call for evidence on using tokenised assets as collateral at clearing houses: the question is no longer speed, but whether such assets can be mobilised and liquidated in a crisis. The same liquidity concern runs through traditional finance (AMF liquidity buffers for evergreen OPCIs and FCPRs, FCA proposal for a 90-day redemption notice) and AI enters concrete supervision (AI Office examining “loss of control” incidents, joint EBA/EIOPA/ESMA 2027 programme). Strategic takeaway: the next phase of market transformation will be that of demonstrable resilience.
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About the author
Cécile Henry
Regulatory and compliance expert at Seqlense. Cécile authors every Seqlense Note, bringing hands-on experience and a pragmatic approach to regulatory analysis, with a focus on real operational impact rather than abstract theory. Her work covers French, Luxembourg and Belgian regulators, EU frameworks (MiCA, DORA, AML), and the operational reality of compliance in financial services and crypto.
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