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Crypto Stays Away as European Parliament Election Voting Gets Started
Residents of the 27 European Union countries have begun choosing their representatives in the multinational trade bloc for the next five years.
Elections for European deputies (MEPs) begin today and results are expected on June 9. The more than 700 MEPs shape and decide new lawseven though they cannot initiate legislation and the final decision regarding the adoption of a law rests with the Council of the EU.
Although the vote comes as landmark Crypto Asset Markets (MiCA) legislation begins to take effect, new lawmakers are unlikely to make immediate changes, Blockchain’s Secretary General said Europe, Robert Kopitsch. He cited the current stablecoin rules, which are set to come into effect on June 30, as an example.
“Then the Commission will be able to act and modify certain provisions of the MiCA in consensus with the main legislators, namely the Parliament and the Council,” Kopitsch said last week in Austin, Texas, at the CoinDesk Consensus 2024 conference .
So far, the industry has relied on European allies like Lídia Pereira of the group known as the European People’s Party and Ondřej Kovařík of Renew Europe to push for pro-crypto rules.
“Lídia Pereira was very involved and she is very young, from Portugal, center right, and she has a very good chance. And if she comes back, I think she will be a great voice for digital technologies in general, but for blockchain in particular,” said Tommaso Astazi, head of regulatory affairs at Blockchain for Europe in Austin.
“I also think Ondřej Kovařík should have a good chance and it will be great because he has been a great ally,” Astazi said, noting that Kovařík from the Czech Republic was very active in the forums.
Kopitsch and Astazi said they expected to see more MEPs – including younger members – who might be more receptive to new technologies.
Shortly after their election, the new MEPs participate in the choice of the new European Commission. The new commissioners should be chosen by October and their priorities will be set by the end of the year, Astazi said.
Whether crypto will be a priority in the EU will mainly depend on the next group of commissioners, Astazi said.