European parliament postpones voting on crypto regulatory bill

The European Union Parliament has now postponed the voting of a crypto regulatory bill that allegedly sought to ban the use of proof-of-work cryptocurrencies like Bitcoin and Ethereum. The future date and time for the ruling remain undecided.

Members of the parliament were supposed to vote on the Markets in Crypto Assets (MiCA) framework on February 28. However, the ruling has now been delayed after Stefan Berger, a member of the Economic and Monetary Commission, requested a postponement.

In a Twitter thread, Berger called upon the need to clarify the questions surrounding the PoW ban, noting that some of the “individual passages of the draft report can be misinterpreted & understood as a POW ban.” He noted 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 is a framework proposal on cryptocurrency regulations introduced by the European Commission (EC) in September 2020. However, the bill drew criticism from crypto proponents after a leaked draft suggested a ban on the networks of crypto assets that operate on energy-intensive Proof-of-Work consensus mechanisms.

“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.

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