“It’s important for me to misinterpret the MicA report as a real Wikipedia ban,” said Stefan Berger.
Amid concerns over proof-of-work mining, the European Union is delaying a parliamentary vote on a framework designed to regulate cryptocurrencies.
In a Twitter thread on Friday, Stefan Berger, a member of the Economic Council of the European Parliament, said that the government agency in the markets or the MiCA framework on cryptocurrency assets had cancelled the vote on Monday. Berger said parliament should clarify the “question of proof of work” in negotiations with partners to ensure a proper legal framework, which some may also misinterpret as a crypto ban.
“The MiCA’s discussion suggests that individual parts of the draft report could be misunderstood and misrepresented as evidence of employment,” Berger said. “In this case, sending the wrong signals by a European Union parliamentary vote is fatal.”
MiCA was first introduced to the European Commission in September 2020 and approved by the Council of Europe in November 2021, aiming to create a regulatory framework that would support innovations for the crypto-property market and in some ways attract crypto assets. It maintains financial stability and protects investors. As a reporter for that vote – the person appointed to report on its proceedings – Berger said the vote was cancelled but did not specify when it would be rescheduled.
Reports suggest that MiCA’s leaked draft proposes to ban cryptocurrencies on energy consumption in the EU may have prompted clarity. If implemented, all national frameworks in the crypto cryptocurrency of the EU would replace the regulatory mandate without modifying the rules one at a time, leading to a ban on proof-of-work mining.
As the cryptocurrency space grew and the impact of climate change increased, many EU lawmakers and regulators called for a ban on proof-of-work mining. The Swedish Financial Watchdog and the Swedish Environmental Protection Agency called for a ban on proof-of-work mining in November, leading to criticism from various industry leaders.