EU Parliament Committee Votes Against Proof-of-Work Ban, Supports Alternative Amendment on Crypto Assets

European Parliament’s economical and monetary affairs committee has voted against banning proof-of-work-based assets for companies successful the European Union. An alternate connection connected crypto assets by European Parliament subordinate Stefan Berger receives enactment instead.

Committee Rejects Proof-of-Work Ban

The Committee connected Economic and Monetary Affairs (ECON) voted connected the projected Markets successful Crypto Assets (MiCA) model Monday. The connection includes a de-facto prohibition connected proof-of-work, a last-minute addition to the bill.

According to Patrick Hansen, caput of strategy astatine Unstoppable Finance, the committee has voted against the projected proof-of-work (POW) ban. He explained successful a bid of tweets Monday:

The ECON committee of the EU Parliament conscionable voted against the de-facto POW-ban … Big alleviation & governmental occurrence for the bitcoin & crypto assemblage successful the EU.

Overall, 23 voted successful favour of the POW prohibition amendment, 30 voted against, and six abstained, helium added.

Unstoppable Finance tweeted: “We are relieved that the Parliament voted against the prohibition of proof-of-work-based assets for EU companies.”

Prior to the vote, lawyer Jake Chervinsky noted that MiCA’s POW prohibition looks similar “a pretext for a bitcoin ban.” He warned: “Make nary mistake: if they negociate to prohibition POW, they’ll travel for POS [proof-of-stake] next, & each different Sybil absorption mechanics aft that.”

Alternative Amendment connected Crypto Assets Supported

Hansen added that an alternate amendment from European Parliament subordinate Stefan Berger received enactment instead.

The amendment reads: “By 1 January 2025, the Commission shall contiguous to the European Parliament and to the Council, arsenic appropriate, a legislative connection to amend Regulation (EU) 2020/852, successful accordance with Article 10 of that Regulation, with a presumption to including successful the EU sustainable concern taxonomy immoderate crypto plus mining activities that lend substantially to clime alteration mitigation and adaptation.”

Berger tweeted aft the POW-ban votes that this is simply a first-stage triumph for MiCA. He added that by accepting his proposal, EU parliament members person paved the mode for aboriginal crypto regulation.

Regarding whether determination are inactive immoderate chances near for the proof-of-work ban, Hansen explained:

The groups that mislaid the ballot person 1 past option. They could veto a fast-track process of MiCA done the trilogues & bring the treatment to the plenary of the Parliament. They request 1/10 of the votes of the EP to bash so, which they have.

He noted: “Even extracurricular of this MiCA regulation, the treatment astir POW regularisation is acold from over.”

What bash you deliberation astir the EU parliament committee voting against the proof-of-work ban? Let america cognize successful the comments conception below.

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