European Parliament will clutch vote on crypto bill without PoW provision

“Solid toughen for MiCA is a actual signal from the EU Parliament for a technology-just and innovation-qualified monetary sector,” said Stefan Berger.

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European Parliament will hold vote on crypto bill without PoW provision

The parliament of the European Union has scheduled a vote on a framework aimed at regulating cryptocurrencies after addressing concerns over proof-of-work mining.

In a Monday Twitter thread, European Parliament Committee on Economics and Monetary Affairs member Stefan Berger said the committee will vote on the Markets in Crypto Resources, or MiCA, framework on March 14 following the submission of a final draft of the bill. Because the rapporteur — the actual person appointed to file on lawsuits related to the bill — Berger said the laws will no longer comprise text that some had interpreted as a doable ban on proof-of-work crypto mining.

“With MiCA, the EU can snort global standards,” said Berger. “Subsequently, all these fervent are in actual fact asked to toughen the submitted draft & to vote for MiCA. Solid toughen for MiCA is a actual signal from the EU Parliament for a technology-just and innovation-qualified monetary sector.”

Heute habe ich den finalen MiCA-Entwurf eingereicht. Der ECON-Ausschuss wird am 14. März 2022 hierüber abstimmen

➡️ Thread #MiCA

— Stefan Berger (@DrStefanBerger) March 7, 2022

The rapporteur added that the law aimed to net “factual straightforward process” and put “legit supervisory structures” for crypto sources amid concerns all over the vitality consumption of mining. On the different hand, the committee will peaceable comprise discussions on the bill with the European Council and the European Commission following the vote.

Connected: EU securities regulator requires proof-of-work crypto mining ban

The MiCA bill, first launched to the European Commission in September 2020 and adopted by the European Council in November 2021, aimed “to accomplish a regulatory framework for the crypto-sources market that helps innovation and draws on the aptitude of crypto-sources in a plot that preserves monetary steadiness and protects patrons.” Berger postponed a committee vote on the bill on the initiating scheduled for Feb. 28, citing the must give an explanation for “the request of proof-of-work” in discussions with stakeholders.

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