The recent European Union elections have sparked significant attention, particularly among the crypto community. As voters across the EU's 27 member states cast their ballots from June 6 to 9, several pro-crypto and crypto-supportive parties have made notable gains, while the Greens faced considerable losses. This shift in the European Parliament's composition could have profound implications for the future of cryptocurrency and blockchain technology in the EU.
Key Points
European People’s Party (EPP): Gained 10 seats, now holding 186. The EPP, with a forward-looking yet cautious approach to crypto, supports balanced regulation and the Markets in Crypto-Assets (MiCA) law. They advocate for blockchain efficiency in public administration and a more relaxed tax policy for crypto.
Progressive Alliance of Socialists and Democrats (S&D): Lost 4 seats, now holding 135. S&D promotes financial inclusion through blockchain but emphasizes strict regulations to prevent misuse and support the digital euro for consumer protection.
Renew Europe: Lost 23 seats, now holding 79. Despite the losses, Renew Europe remains a strong advocate for a robust regulatory framework and the development of a digital euro. They emphasize innovation, transparency, and financial inclusion through blockchain.
European Conservatives and Reformists (ECR): Gained 4 seats, now holding 73. ECR supports integrating cryptocurrencies into the financial ecosystem but stresses stringent Anti-Money Laundering measures and remains skeptical about the digital euro.
Identity and Democracy (ID): Gained 9 seats, now holding 58. The ID Group, with varied views among member parties, has shown cautious support for cryptocurrencies, focusing on privacy and freedom concerns related to the digital euro.
Greens/European Free Alliance (Greens/EFA): Lost 18 seats, now holding 53. The Greens support MiCA for cross-border regulation but emphasize the environmental impact of cryptocurrencies and align their support for a digital euro with sustainability goals.
The Left in the European Parliament (GUE/NGL): Lost 1 seat, now holding 36. The Left is critical of cryptocurrencies due to their potential for misuse and environmental impact, advocating for strict regulation and a digital euro focused on public control.
Non-Inscrits and Smaller Parties: Volt Europa gained 5 seats and plans to join Renew, advocating for progressive crypto policies and a digital euro. The European Christian Political Movement (ECPM), with 4 seats, supports technological progress with privacy and environmental safeguards.
The 2024 EU elections have reshaped the European Parliament, with significant implications for the crypto industry. Pro-crypto parties have made gains, suggesting a future legislative environment that could be more favorable to blockchain and digital assets.
While some parties remain cautious or critical, the overall trend indicates a growing recognition of the transformative potential of cryptocurrencies and blockchain technology.
As the new Parliament begins its term, the crypto community will be closely watching how these political shifts translate into concrete policies and regulations.
Source: Cointelegraph
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