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German regulator rejects Ethena Labs’ license application in the EU, suspects sUSDe is a security – TON BOT

German regulator rejects Ethena Labs’ license application in the EU, suspects sUSDe is a security

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Germany’s BaFin rejected Ethena Labs’ application to issue asset-referenced tokens under MiCAR, citing deficiencies in organizational practices and potential unlicensed security offering concerns. BaFin imposed supervisory measures, including prohibiting public offerings of the USDe token in Germany. Ethena Labs is evaluating alternative regulatory frameworks. BaFin’s decision reflects increasing scrutiny of stablecoins in Europe.

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