Crypto Remains Sidelined as EU Election Kicks Off

As a researcher with a background in European politics and emerging technologies, I find the ongoing European Parliament elections particularly intriguing. The timing of these elections, coinciding with the implementation of MiCA legislation, adds an extra layer of complexity to the situation.

Citizens of the 27 European Union member states are currently selecting their delegates for the European Union trading community over the next five-year term.

Beginning today, the European Parliament elections will take place, with anticipated outcomes on June 9. Over 700 Members of the European Parliament (MEPs) will be elected, holding influence in shaping and deciding upon new legislations. However, they lack the power to initiate legislation themselves, and the ultimate authority to approve a law rests with the Council of the EU.

As the European Union’s landmark MiCA legislation on crypto assets begins to be implemented, new lawmakers are expected to hold off on making any significant changes, according to Robert Kopitsch, Secretary General of Blockchain for Europe. He cited the upcoming stablecoin rules, set to go into effect on June 30, as one instance.

The MEPs have the power to request the European Commission, which serves as the EU’s impartial administrative body that proposes new legislation and enforces parliamentary decisions, to prepare a report examining if modifications are necessary.

At the Consensus 2024 conference held in Austin, Texas last week, Kopitsch stated that if necessary, the Commission could collaborate with the Parliament and the Council to amend certain aspects of MiCA through a consensus process.

To date, the crypto sector has leaned on advocates such as Lídia Pereira from the European People’s Party and Ondřej Kovařík from Renew Europe to champion regulatory support within the industry.

“Lídia Pereira, a young and highly engaged individual from Portugal representing the center-right political spectrum, has a strong possibility of returning. If she does, I believe she will make an excellent advocate for digital technologies as a whole, with a particular focus on blockchain,” expressed Tommaso Astazi, the regulatory affairs head at Blockchain for Europe, during the Austin event.

Astazi expressed her belief that Ondřej Kovařík, who hails from the Czech Republic and is known for his active participation in forums, deserves a good chance. She added delightedly that this would be wonderful because Kovařík has proven to be an excellent collaborator.

Kopitsch and Astazi expressed their belief that there will be an increase in the number of MEPs, particularly those who are younger, who may be open to embracing new technologies.

Upon my election as a Member of the European Parliament (MEP), I contributed to the selection process of the incoming European Commission. The anticipated appointment of new commissioners is projected to occur by October, with their priority-setting concluded by the end of the year, as stated by Astazi.

The EU’s stance on cryptocurrency largely depends on the upcoming commissioners, according to Astazi’s viewpoint.