European Parliament postpones crypto bill vote over proof-of-work

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“It’s most major for me that the MiCA document is now now not misinterpreted as a de facto Bitcoin ban,” said Stefan Berger.

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European Parliament postpones crypto bill vote over proof-of-work

The parliament of the European Union is delaying a vote on a framework aimed at regulating cryptocurrencies amid concerns over proof-of-work mining.

In a Friday Twitter thread, European Parliament economics committee member Stefan Berger said the authorities physique had canceled a vote on the Markets in Crypto Property, or MiCA, framework scheduled to amass space on Monday. Berger said parliament desired to justify “the count on of proof-of-work” in discussions with stakeholders to make certain a salubrious moral framework, adding that some would possibly per chance presumably moreover misread the proposal as a ban on crypto.

“The dialogue about MiCA means that particular person passages of the draft document would possibly per chance presumably moreover be misinterpreted and understood as a [proof-of-work] ban,” said Berger. “It can per chance presumably be deadly if the EU Parliament despatched the ghastly fee with a vote below these instances.”

Die Abstimmung des EU-Parlaments zu #MiCA wird auf meine Forderung hin abgesetzt und nicht am 28. Februar stattfinden. Als Berichterstatter ist es für mich zentral, dass der MiCA-Bericht nicht als de-facto #Bitcoin-Verbot missinterpretiert wird @btcecho 1/4

— Stefan Berger (@DrStefanBerger) February 25, 2022

The MiCA, first launched to the European Commission in September 2020 and adopted by the European Council in November 2021, aimed “to present a regulatory framework for the crypto-assets market that helps innovation and draws on the aptitude of crypto-assets in a potential that preserves financial steadiness and protects investors.” As the rapporteur of that vote — the particular person appointed to document on its proceedings — Berger said he canceled the vote, now now not specifying when it can most likely per chance presumably moreover be scheduled all any other time.

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The frenzy for clarification would possibly per chance presumably moreover delight in been precipitated by reports that a leaked draft of the MiCA proposed banning the utilization of cryptocurrencies within the EU over their expend of vitality. If enacted, the regulatory proposal would substitute all most contemporary nationwide frameworks on crypto for EU member nations without the have to reform regulations one after the other, which would possibly per chance moreover delight in presumably ended in a ban on proof-of-work mining.

Many lawmakers and regulators within the EU delight in been calling for a ban on proof-of-work mining as the crypto space grows and the impacts of local climate trade develop into more seen. A Swedish financial watchdog and the Swedish Environmental Security Company known as for a ban on proof-of-work mining in November, a circulate that got criticism from some industry leaders.