币界网报道：According to Paybis co-founder Konstantins Vasilenko, in the first quarter of 2025, after the MiCA regulations came into effect, trading volume from EU customers increased by 70% month-on-month. During the same period, retail trading activity in the US market has been on a downward trend. Kaiko estimates that only 18% of Coinbase's spot trading volume currently 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 opened the licensing window on January 1, 2025, and the new injection of funds was larger and more purposeful. The MiCA framework introduced a single licensing system for all EU member states and imposed strict regulations on stablecoins, requiring 1:1 reserves, audits, and asset segregation, which boosted investor confidence. In contrast, continued regulatory uncertainty in the United States has hampered market development. Despite pro-cryptocurrency rhetoric from US President Trump and members of his administration, comprehensive federal crypto legislation has not yet been introduced.