Members of the European Union, last week proof of work (PoW) They had voted against a proposed ban on cryptocurrencies. According to regional law, however, the proposal is also about to face a runoff, and discussion could begin this week.
After being approved by the EU Parliament’s economic committee last week, the Markets in Crypto Assets (MiCA) proposal will now be subject to parliamentary deliberation before being passed. However, the PoW ban may come up again in these negotiations.
MiCA rapporteur Stefa Berger stated in a tweet that especially if the party members trying to pass the PoW ban have at least one tenth of the members of the European parliament, they can object to the decision on the ban and initiate a re-vote on the ban.
Parties must veto the proposal by Wednesday, March 23, and if they do, the next plenary session of the EU parliament in April. PoW banwill need to be re-voted.
“If the majority of the plenary is against the trilog mandate, the #MiCA will be re-voted by the plenary. Problem: The last attempt to stop MiCA in its current form (without PoW) can be done here. -Stefan Berger, EU Member of Parliament”
According to Patrick Hansen, parties that support the PoW ban already have the necessary votes. The question now is whether they will choose to veto the MiCA bill.
PoW Ban Criticized by Crypto Community
MiCA The initial vote on the bill in February was delayed after the crypto community rejected the intended PoW ban. While the ban was lifted before the vote last week, it was added at the last moment. The main motivation behind the PoW ban is the high energy costs of mining Bitcoin and Ethereum, resulting in a high carbon footprint in this case.
But the crypto communities mean that this kind of thinking is being ignored by the massive shift of crypto miners to renewable energy and advances in technology that allow for more efficient mining. Several EU ministers also think that the PoW ban will drastically disrupt EU adoption of crypto and web3.