Crypto Markets Remain Quiet as European Union Election Commences
Voters will elect more than 700 MEPs who can pass the next piece of legislation around crypto.
- Elections for the 700+ members of the European Parliament start today, and the results will be available by 9 June.
- The vote is taking place as the block’s cryptocurrency law is set to launch as MiCA.
- The new legislature does not appear to require amendments to the MiCA in the near future, although it does have the power to ask the European Commission for a report on whether amendments are needed.
The 27 EU members have begun electing their representatives in the multilateral trading bloc for the next five years.
Elections for members of the European Parliament (MEPs) begin today, with results expected on June 9. More than 700 MEPs draft and decide on new laws, although they cannot initiate legislation. However, the Council has the final say on the adoption of legislation in the European Union.
While the vote comes as the bloc’s crucial Markets in Crypto Assets (MiCA) legislation begins to take shape, new lawmakers are unlikely to make immediate changes, said Robert Kopitsch, Europe’s blockchain secretary-general. He pointed to the current stablecoin regulations, which are set to take effect on June 30, as an example.
MEPs can call on the European Commission – the EU’s politically independent executive responsible for proposing new legislation and implementing decisions from parliament – to issue a report on whether changes are needed.
“The commission can then act and modify certain provisions of the MiCA in accordance with an agreement with the original legislators, which is the Senate and the Council,” Kopitch said last week at the CoinDesk Consensus 2024 conference in Austin, 1999.
So far, the industry has relied on MEPs such as Lydia Pereira of a group known as the European People’s Party and Ondrej Kovaric of Renew Europe to push for pro-crypto legislation.
“Lydia Pereira was very involved and very young, from center-right Portugal; it was a perfect opportunity. When she comes back, I think she will be a great voice for digital technology in general, but blockchain in particular. That.” and blockchain.” in Austin.” said Tomaso Astazi, head of regulatory affairs at For Europe.
Both Kopitch and Astazi said they expected to see more MEPs – including younger members – who were more receptive to new technologies.
Shortly after their election, new MEPs help elect a new European Commission. The new commissioners will be appointed by October, and their priorities will be determined by the end of the year.
Conclusion: The start of the European Union election has brought a period of calm to the cryptocurrency markets. Investors are cautiously observing the potential regulatory and economic implications.