The recent European Union (EU) election has resulted in the reelection of key figures who have played significant roles in shaping crypto legislation within the 27-nation trading bloc. Stefan Berger, Ondrej Kovarik, and Irene Tingali, all pivotal players in the EU’s crypto journey, have been reelected. Berger, in particular, served as the rapporteur for the Markets in Crypto Assets (MiCA) legislation, while Kovarik and Tingali also played crucial roles in shaping digital euro and payment services directive policies.
According to Mark Foster, the EU policy lead at the Crypto Council for Innovation, the election saw a slight shift to the right, leading to a greater focus on competitiveness and growth within the EU parliament. While the extreme right-wing movements in countries like Austria and France were not as pronounced as expected, there was a noticeable shift towards more conservative views. This shift may result in a more innovation-friendly legislative framework over the next five years.
Despite crypto not being a central theme in the EU elections, the future of crypto regulation will depend on the newly appointed commissioners, who have the power to propose legislation. While some members of the crypto community are advocating for more blockchain-friendly policies, it is ultimately up to the MEPs to shape and decide on new legislation. With new commissioners set to be selected post-election, the direction of crypto regulation in the EU remains uncertain.
The results of the EU election have shown that the largest block in the European Parliament remains the center-right European People’s Party, with an increase in the number of seats compared to the previous parliament. On the other hand, left-wing groups have seen a decrease in influence, with the Identity and Democracy group, housing right-wing parties like France’s Rally National and Austria’s Freedom Party, gaining more seats. This shift in the balance of power could lead to a stronger focus on competitiveness and growth within the EU parliament.
The re-election of key figures like Berger, Kovarik, and Tingali, who have been instrumental in shaping crypto legislation, is a positive sign for the crypto community. Their roles as rapporteurs and committee chairs in important legislative areas indicate a continuity in the EU’s approach to crypto regulation. Despite the challenges posed by a shifting political landscape, there is optimism that the EU will continue to foster an environment conducive to crypto innovation.
In conclusion, the reelection of key figures who have been actively involved in shaping crypto legislation, coupled with a slight shift to the right in the EU parliament, suggests a greater focus on competitiveness and growth in the coming years. While crypto may not have been a central theme in the EU election, the decisions made by the newly appointed commissioners will be crucial in determining the future regulatory landscape for crypto in the trading bloc. With the potential for a more innovation-friendly framework, the EU’s approach to crypto regulation is likely to evolve in the future.
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