European Parliament Elections Begin Amidst Implementation of Crypto Rules

According to CoinDesk, elections for the European Parliament, consisting of over 700 members, have commenced, with results anticipated by June 9. This event coincides with the implementation of the European Union's (EU) crypto regulations, known as MiCA. The newly elected parliament is not expected to demand immediate changes to MiCA, although it has the authority to request a report from the European Commission on the necessity of alterations. Citizens of the 27 EU countries have started voting for their representatives in the multinational trading bloc for the next five years. The elected members of the European Parliament (MEPs) will have the power to shape and decide on new laws, but they cannot initiate legislation. The final decision on adopting a law rests with the Council of the EU. The commencement of the vote coincides with the enforcement of the EU's landmark Markets in Crypto Assets (MiCA) legislation. However, immediate changes to the legislation by the new lawmakers are unlikely, according to Robert Kopitsch, Secretary General of Blockchain for Europe. He cited the upcoming stablecoin rules, due to take effect on June 30, as an example. MEPs can request the European Commission, the EU's politically independent executive arm responsible for proposing new laws and implementing parliament decisions, to propose a report on whether changes to MiCA are necessary. 'Then the Commission can act and change certain provisions in MiCA in consensus with the core legislators, which is the Parliament and the Council,' Kopitsch stated at CoinDesk's Consensus 2024 conference in Austin, Texas. The crypto industry has so far relied on MEP allies such as Lídia Pereira from the European People's Party and Ondřej Kovařík from Renew Europe to advocate for pro-crypto rules. Both Kopitsch and Tommaso Astazi, head of regulatory affairs at Blockchain for Europe, expect to see more MEPs, including younger members, who might be more open to new technologies. After the election, the new MEPs will assist in selecting the new European Commission. New commissioners are expected to be chosen by October and have their priorities set by the end of the year. Whether crypto will be a focus in the EU largely depends on the next set of commissioners, according to Astazi.