EU Vote See Reelection of Some Officials With Key Roles in Bloc’s Crypto Journey

As a seasoned crypto investor with a keen interest in European politics, I see the recent European Union (EU) parliament elections as a positive development for our industry. The reelection of key figures like Stefan Berger, Ondrej Kovarik, and Irene Tingali is a clear sign that the EU will continue to shape crypto legislation in a constructive manner.

As a crypto investor, I’ve noticed that the European Parliament (EP) elections have resulted in a shift towards the right. Notably, some influential figures who have significantly contributed to the EU’s cryptocurrency landscape have been re-elected.

As a researcher following European politics closely, I’ve been keeping track of the ongoing parliamentary elections. The voting process for the 720 Members of the European Parliament (MEPs) commenced last week, with results being announced progressively from the 27 member states since Sunday. Among those who have emerged victorious are Stefan Berger, who holds the role of rapporteur for the Markets in Crypto Assets (MiCA) legislation, and Ondrej Kovarik, along with Irene Tingali, the former chair of the Economic and Monetary Affairs Committee (ECON).

“Berger and Kovarik held significant roles as rapporteurs in the European Parliament regarding the digital euro and payment services directive respectively. It’s uncertain if they will come back to the ECON committee, but if they do, they likely will keep these positions.” (Mark Foster, EU policy lead at the Crypto Council for Innovation stated to CoinDesk)

Tingali and her counterpart were equally engaged in MiCA, serving as rapporteur and shadow rapporteur respectively. Notably, Tingali held the position of ECON chair. She appears keen on retaining this role, given its significance as the chair participates in all negotiations during trilogue meetings – informal sessions where parliamentary representatives, the European Council, and the European Commission collaborate to shape legislation.

The election resulted in a noticeable rightward shift among the bloc, with Austria and France experiencing the most dramatic shifts. In France, President Macron called for an early election following the National Rally’s significant gain of almost double the number of seats held by his center-right coalition. Austria’s Freedom Party is projected to secure a commanding 27% of the country’s parliamentary seats, making it the largest party.

In the European Parliament, the European People’s Party (EPP), which is the largest grouping, is projected to grow from 176 seats in the last parliament to an estimated 186 seats this time around. The Identity and Democracy group, consisting of parties like France’s National Rally and Austria’s Freedom Party, is expected to increase its presence from 49 seats to approximately 58 seats. On the other hand, most left-leaning political groups have seen a decrease in their influence.

Foster stated that a slight rightward shift and a stronger European People’s Party, along with a weaker Green Party, could result in a heightened emphasis over the next five years on competitiveness and economic growth. This might pave the way for a more favorable environment for innovation-oriented policies.

The EU elections have not significantly focused on cryptocurrencies as a major issue. However, the future direction of crypto regulations lies in the hands of the upcoming European Commissioners who can propose relevant legislation. Some members of the crypto community advocate for more blockchain policies. Nevertheless, MEPs cannot introduce new laws; they only shape and vote on them. The selection of new commissioners will follow the EU elections.