MiCA Framework: EU Parliament Committee votes against limiting Proof-of-Work
The Committee on Economic and Monetary Affairs (ECON) of the European Parliament voted against the Proof-of-work ban under the MiCA framework with 32 votes in against and 24 in favor leading to a huge political success for Bitcoin.
The ECON against MiCA
Patrick Hansen, Head of Strategy & Biz Dev at multi-chain DeFi wallet Unstoppable Finance, tweeted about the MiCA provision vote, which recently met with swift backlash from the crypto community.While a majority of MEPs from the EPP, ECR, Renew & ID voted against the bill, most of the votes in favor came from Greens, S&D, and GUE MEPs.
Crypto mining seems to be not addressed within the MiCA regulation but is to be added to the EU sustainable finance taxonomy.
The MiCA framework draft will be negotiated in “trilogues” between the EU Commission, Parliament, and Council. It is reportedly said that the companies would be given six months of transition period to comply with the requirements and it is expected to have the law into force in a few months.
MiCA and its proposed changes
The 168 pages long Market in Crypto-Assets (MiCA) framework is the European Union’s (EU) sweeping legislative package for regulating digital assets. It has reintroduced a controversial line concerning the “minimum environmental sustainability” of crypto mining and was set for voting by the EU parliamentarians on Monday.The proposal aimed to limit the use of cryptocurrencies that are powered by proof-of-work, an energy-intensive computing mechanism. Cryptocurrencies like Bitcoin and Ethereum that use proof-of-work, are proposed to shift their consensus mechanism to other methods that use less energy, such as proof-of-stake.
As Ethereum already has plans to move its consensus mechanism to proof-of-stake, Bitcoin is still unclear with the options.
The amendment was also intended to require blockchain operators to submit a detailed plan on how they will comply with the environmental sustainability rules.
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