Crypto Remains Sidelined as EU Election Kicks Off

Elections for more than 700 members of the European Parliament begin today and results are expected to be announced by June 9.

The voting takes place as the bloc’s crypto rules, MiCA, come into play.

While the new parliament does not appear to be calling for changes to MiCA in the near future, it does have the power to request a report from the European Commission on whether changes are necessary.

Residents of the 27 European Union countries have begun electing their representatives in the multinational trading bloc for the next five years.

The election of members of the European Parliament (MPs) starts today and the results are expected on June 9. More than 700 MEPs shape and decide on new laws, but they cannot initiate legislation, and the final decision to adopt a law rests with the Council. of the EU.

Blockchain for Europe Secretary-General Robert Kopitsch said the vote comes as the bloc’s landmark CryptoAsset Markets (MiCA) legislation comes into force, but new lawmakers are unlikely to make any immediate changes. As an example, he pointed to the current stablecoin rules, which will come into force on June 30.

MPs can call on the European Commission (the EU’s politically independent executive arm responsible for proposing new laws and implementing decisions taken by parliament) to propose a report on whether changes are needed.

“The Commission can then act and amend specific provisions in the MiCA in consensus with key legislators such as the Parliament and the Council,” Kopitsch said at CoinDesk’s Consensus 2024 conference in Austin, Texas, last week. said.

The industry has so far relied on MEP allies like Lídia Pereira of the group known as the European People’s Party and Ondřej Kovařík of Renew Europe to push pro-crypto rules.

“Lídia Pereira was very interested and very young, center-right Portuguese, and has a very good chance. And if she comes back, I think she will be a great voice for digital technologies in general, and blockchain in particular.” Tommaso Astazi, head of regulatory affairs at Blockchain for Europe in Austin, said:

“I also think Ondřej Kovařík should have a good chance and it will be great because he is a great ally,” Astazi said, noting that the Czech Republic’s Kovařík is very active on the forums.

Both Kopitsch and Astazi said they expect to see more lawmakers (including younger members) who may be more open to new technologies.

Shortly after the new MPs are elected, he helps elect the new European Commission. Astazi said new commission members are expected to be elected by October and their priorities to be determined by the end of the year.

The story continues

Whether cryptocurrency will be a focus in the EU depends mostly on the next commissioners, Astazi said.

Read more: Ahead of EU Elections, Crypto Industry Boosts Blockchain Advantages as Policy Focus Shifts to Artificial Intelligence