Regulation
Cryptocurrencies remain sidelined as voting for the European Parliament elections begins
Residents of the 27 European Union countries have begun choosing their representatives in the multinational trading bloc for the next five years.
Elections for Members of the European Parliament (MEP) begin today, the results of which are expected on 9 June. The over 700 deputies develop and decide new lawsalthough they cannot initiate a legislative process and the final decision on adopting a law lies with the Council of the EU.
Although the vote comes as the bloc’s landmark Markets in Crypto Assets (MiCA) legislation begins to come into force, the new lawmakers are unlikely to make any immediate changes, said Blockchain for Europe secretary general Robert Kopitsch. As an example, he pointed to the current rules on stablecoins, which will come into force on June 30th.
“So the Commission can act and amend some provisions of MiCA in consensus with the key legislators, namely the Parliament and the Council,” Kopitsch said last week in Austin, Texas, at CoinDesk’s Consensus 2024 conference.
So far the industry has 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 for cryptocurrency-friendly rules.
“Lídia Pereira has been very involved and she’s very young, she’s from Portugal, she’s center-right, and she has very good possibilities. And if she comes back, I think she’ll be a great voice for digital technologies in general, but especially for blockchain,” he said. said Tommaso Astazi, head of regulatory affairs at Blockchain for Europe, in Austin.
“I think Ondřej Kovařík should also have a good chance and it would be great because he has been a great ally,” Astazi said, noting that Kovařík, of the Czech Republic, has been very active in the forums.
Both Kopitsch and Astazi said they expect to see more MEPs – including younger members – who may be more receptive to new technologies.
Shortly after being elected, the new MEPs contribute to the choice of the new European Commission. The new commissioners are expected to be chosen by October and their priorities set by the end of the year, Astazi said.
Whether cryptocurrencies will be the focus of attention in the EU will mainly depend on the next set of commissioners, Astazi said.