Coinbase's Head of European Policy, Katie Harries, has called on the EU to use the MiCA review to solidify its regulatory leadership into a competitive advantage. Harries suggested adjustments to stablecoin reserve requirements, advocating for more high-quality sovereign assets to mitigate systemic risk. She also recommended allowing non-interest incentives like cashback, improving multi-issue models for stablecoin liquidity, and clarifying DeFi access for crypto asset service providers. Additionally, she advised against restricting order routing to EU-only venues to prevent liquidity fragmentation and emphasized the importance of maintaining global competitiveness in tokenization and exploring DeFi for capital market development. Coinbase looks forward to collaborating with the European Commission on these initiatives.