BTC Ban: Short Term Amendments Threaten BTC Future
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In the European Parliament, the Greens, Left and Social Democrats are trying to get a BTC ban off the ground. A few days ago the relief. The problematic paragraph in the MiCA (Markets in Crypto Assets) regulatory project could be deleted, as we reported in detail. The crypto sector seemed safe for the time being.
BTC ban is up for grabs again
Last minute amendments were received yesterday that, if rewritten somewhat, would ultimately lead to a ban on BTC services. Although there is no longer any explicit mention of a proof-of-work ban, the result would be the same. The corresponding MEPs want to ban cryptocurrencies that are classified as unsustainable. Specifically, the new paragraphs state:
Crypto-assets shall be subject to minimum environmental sustainability standards with respect to their consensus mechanism used for validating transactions, before being issued, offered or admitted to trading in the Union.
New paragraph MiCA
It goes on to say:
[…] shall set up and maintain a phased rollout plan to ensure compliance with such requirements, in accordance with the conditions and criteria referred to in paragraph 3.
New paragraph MiCA
Should these amendments find a majority next Monday, this would de facto lead to the exclusion of BTC services, since BTC would logically not be able to set up such a rollout plan. The former Bitkom blockchain representative Patrick Hansen had already given an initial classification on Twitter:
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