A new crypto-asset regulation, which could lead to the practical ban of leading cryptocurrencies such as Bitcoin and Ethereum, was put to a vote today in the Economic and Monetary Affairs Committee of the European Union Parliament.
If the regulation named MICA (Markets in Crypto Assets) is passed, the European Union will be able to prohibit the listing of any crypto assets that do not meet the environmental sustainability criteria, thereby allowing the use of many digital currencies, including Bitcoin and Ethereum. could be prevented or its use could be directly prohibited. However, the parliamentarians of the European Union voted against the MICA arrangement.
Amendment not passed by a 24v32 majority
Following today’s parliamentary session, Patrick Hansen shared the results of the vote on Twitter. In his post, Hansen stated, “The ECON committee of the EU Parliament voted against the de facto POW-ban,” stating that the ban was not accepted by a 24 to 32 majority.
It is the Bitcoin and crypto community in the European Union. Noting that it was a great relief and political success for Hansen, he noted that crypto mining will most likely no longer be covered in the MICA regulation, but will be included in the EU sustainable finance classification
However, MICA only regulates financial instruments and financial service providers. Stating that, Hansen stated that it makes much more sense to deal with the concerns about the sustainability of crypto mining technology separately.
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