Voting on Crypto Regulatory Bill Reportedly Postponed By European Parliament

A vote on crypto legislation has been postponed by the European Parliament due to a continuing disagreement concerning proof-of-work crypto mining.
Voting on Crypto Regulatory Bill Reportedly Postponed By European Parliament

Why the Voting was Postponed

The European Union Parliament has postponed the vote on a crypto regulation measure, which purportedly attempted to prohibit the use of proof-of-work cryptocurrencies such as Bitcoin and Ethereum, among other things. Neither a future date nor an exact time for the ruling have been set.

A vote on the Markets in Crypto Assets (MiCA) framework was scheduled to take place on February 28th by members of the parliament. A member of the Economic and Monetary Commission, Stefan Berger, has requested a suspension of the judgement, which has now been put on hold until further notice.

A tweet thread started by Berger urged for clarification on questions surrounding the prisoner of war prohibition, stressing that some of the “particular sentences of the draft report can be misunderstood and regarded as a POW ban.” Berger’s tweets were retweeted more than 2,000 times. He made the following observation in a translated tweet:

“The discussion about MiCA indicates that individual passages of the draft report can be misinterpreted & understood as a POW ban. It would be fatal if the #EU-Parliament sent the wrong signal with a vote under these circumstances.”

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 Bill

The European Commission (EC) proposed the MiCA bill, a framework proposal on cryptocurrency laws, in September 2020. However, crypto advocates slammed the measure after a leaked draft proposed a prohibition on crypto asset networks that use energy-intensive Proof-of-Work consensus processes.

“I will make another attempt with all stakeholders to reach a compromise that provides Crypto assets with a proper legal framework but does not challenge,” Berger tweeted Friday.