The Committee on Economic and Monetary Affairs (ECON) has
reportedly rejected a bill that aimed to ban Bitcoin (BTC) in the European
Union. According to Patrick Hansen, head of growth and strategy at Unstoppable DeFi, 32 members of the Parliament voted against, and
24 in favor.
The report noted that a majority of MEPs from the European
People’s Party (EPP), the European Conservatives and Reformists (ERC), Renew
Europe (Renew), and Identity and Democracy (ID) voted against it. In contrast,
a minority of MEPs from Greens, S&D, and GUE mainly voted in favor.
“Big relief & political success for the bitcoin &
crypto community in the EU,” Hansen said. However, he added that the MICA
regulation would likely no longer address mining but instead add the issue to
the EU sustainable finance taxonomy.
Next in the Parliament is that during the so-called “trilogues”
between the EU Commission/Parliament/Council, the MiCA draft will be
negotiated. The law will go into effect after their final agreement (in a
couple of months). Companies, however, will have a six-month transition period
to comply with the requirements.
Amendment Approved
Stefan Berger proposed an alternative amendment that does
not restrict Bitcoin mining, which was approved by the MEPs.
“Any chances left for the POW-ban? The groups that lost the
vote have one last option. They could veto a fast-track procedure of MiCA
through the trilogues & bring the discussion to the plenary of the
Parliament. They need 1/10 of the votes of the EP to do so, which they have,”
Hansen pointed out. He added: “That would bring the discussion around POW into
the high-level policy arena. As we can’t predict how that would play out, it
should be prevented. Even if it doesn’t change the vote on POW, it would
unnecessarily delay the regulation for at least a couple of months.”
The Committee on Economic and Monetary Affairs (ECON) has
reportedly rejected a bill that aimed to ban Bitcoin (BTC) in the European
Union. According to Patrick Hansen, head of growth and strategy at Unstoppable DeFi, 32 members of the Parliament voted against, and
24 in favor.
The report noted that a majority of MEPs from the European
People’s Party (EPP), the European Conservatives and Reformists (ERC), Renew
Europe (Renew), and Identity and Democracy (ID) voted against it. In contrast,
a minority of MEPs from Greens, S&D, and GUE mainly voted in favor.
“Big relief & political success for the bitcoin &
crypto community in the EU,” Hansen said. However, he added that the MICA
regulation would likely no longer address mining but instead add the issue to
the EU sustainable finance taxonomy.
Next in the Parliament is that during the so-called “trilogues”
between the EU Commission/Parliament/Council, the MiCA draft will be
negotiated. The law will go into effect after their final agreement (in a
couple of months). Companies, however, will have a six-month transition period
to comply with the requirements.
Amendment Approved
Stefan Berger proposed an alternative amendment that does
not restrict Bitcoin mining, which was approved by the MEPs.
“Any chances left for the POW-ban? The groups that lost the
vote have one last option. They could veto a fast-track procedure of MiCA
through the trilogues & bring the discussion to the plenary of the
Parliament. They need 1/10 of the votes of the EP to do so, which they have,”
Hansen pointed out. He added: “That would bring the discussion around POW into
the high-level policy arena. As we can’t predict how that would play out, it
should be prevented. Even if it doesn’t change the vote on POW, it would
unnecessarily delay the regulation for at least a couple of months.”