In yet another unforeseen twist in the continuous European cryptocurrency policy legend, the EU Parliament has formally eliminated all language prohibiting proof-of-work (POW) cryptocurrencies from the recently passed Markets in Crypto Assets (MiCA) instruction.
— Patrick Hansen (@paddi_hansen) March 14, 2022BREAKING: The ECON committee of the EU Parliament simply voted versus the de-facto POW-ban: 32 versus, 24 in favor.
Big relief & political success for the bitcoin & crypto neighborhood in the EU💪💪
Will share a breakdown of the vote and what’s next here in this thread. #Bitcoin
EU Goes Back and Forth on POW
The crypto market was atfirst worried about a draft of the MiCA expense that consistedof provisions prohibiting POW cryptocurrencies such as Bitcoin. It then reversed course following a strong reaction, declaring it “wasn’t their intent to develop a de facto Bitcoin restriction”. But then things altered, onceagain.
In a traditional last-minute insertion of hazardous significant language, reminiscent of last year’s US$1.2 trillion facilities expense, arrangements prohibiting POW cryptocurrencies were when onceagain placed into draft costs.
Even though researchstudy reveals that Bitcoin mining emissions are at “inconsequential levels”, policymakers nevertheless felt it needed to emphasize so-called “unsustainable” crypto mining practices, a clear effort if ever there was one at calming ESG stakeholders.
Crypto legalrepresentative Jake Chervinsky had his doubts about the real intents of legislators and didn’t mince his words:
— Jake Chervinsky (@jchervinsky) March 14, 2022Make no error: if they handle to restriction PoW, they'll come for PoS next, & every other sybil resistance system after that.
This isn't simply about ecological effect: it's about the right of non-state cash to exist. Their technique is divide & dominate. Let's not fall for it.
Nathaniel Whittemore, host of The Breakdown podcast, recommended in his latest episode that ecological issues are mostlikely more about Bitcoin utilizing energy at all:
My point is that basically, the secret thing that any ecological factortoconsider of Bitcoin or proof-of-work is going to rest on, is not whether other things takein more energy, it’s whether the energy that Bitcoin does takein in the veryfirst location, is worth it.
Nathaniel Whittemore, host of The Breakdown podcast
POW Provisions Rejected … For Now
After the surprise addition of the POW arrangements, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) declined variations of the legal plan that included a “de facto” restriction on POW cryptocurrency mining by a count of 32 to 23 – with 6 people stayingaway.
The EU Parliament simply voted not to restriction proof-of-work facilities.#bitcoin is great for service.
— Pomp 🌪 (@APompliano) March 14, 2022
While analysts breathed a sigh of relief, Patrick Hansen of Unstoppable DeFi was fast to put cold water on the concept that the fight was over:
Any opportunities left for the POW-ban? The groups that lost the vote have one last alternative. They might veto a fast-track treatment of MiCA through the trilogues and bring the conversation to the plenary of the Parliament. They require 1/10 of the votes of the EP to do so, which they have. That would bring the conversation around POW into the top-level policy arena. As we can’t anticipate how that would play out, it oughtto be avoided. Even if it doesn’t modification the vote on POW, it would needlessly hold-up the policy for at least a couple of months. And even outside of this MiCA policy, the conversation around POW-regulation is far from over. It will come back in the context of the sustainability taxonomy or in the upcoming information centre guideline.
Patrick Hansen, head of technique & service advancement, Unstoppable DeFi
Hansen concluded by stating there is still “loads of work left in the month and years ahead, however today is a huge political success for crypto in the EU”.
Bitcoin holders, miners and other POW cryptocurrencies may have won the fight, however plainly the war is far from over.
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