THELOGICALINDIAN - European Parliaments bread-and-butter and budgetary diplomacy board has voted adjoin banning proofofworkbased assets for companies in the European Union An another angle on crypto assets by European Parliament affiliate Stefan Berger receives abutment instead
Committee Rejects Proof-of-Work Ban
The Committee on Economic and Monetary Affairs (ECON) voted on the proposed Markets in Crypto Assets (MiCA) framework Monday. The angle includes a de-facto ban on proof-of-work, a last-minute addition to the bill.
According to Patrick Hansen, arch of action at Unstoppable Finance, the board has voted adjoin the proposed proof-of-work (POW) ban. He explained in a alternation of tweets Monday:
Overall, 23 voted in favor of the POW ban amendment, 30 voted against, and six abstained, he added. As for the absolute MiCA draft, Hansen antiseptic that the final votes were 31 for, 4 against, and 23 abstentions.
Unstoppable Finance tweeted: “We are adequate that the Parliament voted adjoin the ban of proof-of-work-based assets for EU companies.”
Prior to the vote, advocate Jake Chervinsky acclaimed that MiCA’s POW ban looks like “a affectation for a bitcoin ban.” He warned: “Make no mistake: if they administer to ban POW, they’ll appear for POS [proof-of-stake] next, & every added Sybil attrition apparatus afterwards that.”
Alternative Amendment on Crypto Assets Supported
Hansen added that an another alteration from European Parliament affiliate Stefan Berger accustomed abutment instead.
The alteration reads: “By 1 January 2025, the Commission shall present to the European Parliament and to the Council, as appropriate, a aldermanic angle to alter Regulation (EU) 2024/852, in accordance with Article 10 of that Regulation, with a appearance to including in the EU acceptable accounts anatomy any crypto asset mining activities that accord essentially to altitude change acknowledgment and adaptation.”
Berger tweeted afterwards the POW-ban votes that this is a first-stage win for MiCA. He added that by accepting his proposal, EU assembly associates accept paved the way for approaching crypto regulation.
Regarding whether there are still any affairs larboard for the proof-of-work ban, Hansen explained:
He noted: “Even alfresco of this MiCA regulation, the altercation about POW adjustment is far from over.”
What do you anticipate about the EU assembly board voting adjoin the proof-of-work ban? Let us apperceive in the comments area below.
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