European Parliament Suspends Proposed Plans To Vote On Crypto Bill

According to the report, the lawmaker leading the proposed framework says the situation needs to be clarified before MEPs can get into action. However, the head of ECB wants the lawmakers to speed up plans for the regulatory framework.

The EU Parliament Wants To Clarify Issues

The vote on the regulation was scheduled to take place on February 28, but the rapporteur for the legislative package, Stefan Berger, announced on social media that he has requested a postponement.

The move is coming after a draft containing provisions to prohibit the offering of crypto-related services was leaked to the press. The draft relied on “environmentally unsustainable consensus mechanisms”, according to the report. As a result, concerns were raised that crypto-assets like Bitcoin, which are based on proof-of-work mining, will be banned from January 1, 2025.

The Parliament Wants To Reach An Agreement Will All Stakeholders

Berger revealed on Friday that some texts in the draft can be misunderstood and interpreted as a PoW ban.

“It would be fatal if the EU Parliament sent the wrong signal with a vote under these circumstances,” he stated. The MiCA report mustn’t be considered by the public as an outright Bitcoin ban.

He added that if the draft is approved as it is, the European Parliament could be causing more harm than good. As a result, there is need for a careful planning and rigorous deliberation before any crypto bill is passed.

Berger stated that there is a need to start negotiations with the parliamentary groups as soon as possible to clarify matters. The aim now is to reach an agreement with all stakeholders to set up a proper legal framework without interfering in the proof-of-work concept. While it’s almost certain that the earlier planned date has been postponed, the rescheduled date has not been set yet.

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