The EU is trying to regulate something it does't understand. By categorizing bitcoin and transactions in the same bucket as the traditional banking system, they are essentially banning themselves from it. This is because they have no control over how the system and network operate. All of this is happening under the guise of MICA, a supposed modern regulatory framework and future of the EU. MICA initially generated a lot of positive hype in the crypto world. However, it turns out to be far from positive.