1/8 Bad news for #bitcoin & #cryptocurrency in the EU 🚨
The POW-ban has basically made its way back into the draft of the European Parliament that will be voted on in the committee on Monday.
I just read the latest draft. A quick update 👇
@balajis @_pgauthier @BrianBrooksUS
The POW-ban has basically made its way back into the draft of the European Parliament that will be voted on in the committee on Monday.
I just read the latest draft. A quick update 👇
@balajis @_pgauthier @BrianBrooksUS
2/ 4 days ago the rapporteur @DrStefanBerger tweeted that his new compromise dropped any ban/addressing of POW.
Now just before the vote a last-minute draft brings back the ban. This is totally unexpected & I was too quick to dismiss that yesterday night.
Now just before the vote a last-minute draft brings back the ban. This is totally unexpected & I was too quick to dismiss that yesterday night.
https://twitter.com/paddi_hansen/status/1502409277717241857?s=20&t=6BS-BPSJjYDwn7HqikgFew
3/ The wording of the POW ban has changed, but the effect is essentially the same.
Crypto-assets that are deemed unsustainable will be prohibited from being issued, offered or admitted to trading.
Crypto-assets that are deemed unsustainable will be prohibited from being issued, offered or admitted to trading.
4/ Existing cryptocurrencies "shall set up and maintain a phased rollout plan to ensure compliance
with such requirements".
Since there is no way #bitcoin can & will implement a rollout plan out of POW, it would affect #BTC as well.
with such requirements".
Since there is no way #bitcoin can & will implement a rollout plan out of POW, it would affect #BTC as well.
5/ As mentioned before, I totally agree with @Pierr_Person & @PowerHasheur that the implementation of this article would kill the competitiveness of EU crypto businesses and drive plenty of capital, talent, and companies out of the EU.
https://twitter.com/Pierr_Person/status/1502356083175735307?s=20&t=6BS-BPSJjYDwn7HqikgFew
6/ So what will happen next?
Unfortunately, since the draft was changed last-minute, I expect the EP committee to vote in favor on Monday.
However, I still expect/hope this article to be dropped in the upcoming trilogue negotiations.
Unfortunately, since the draft was changed last-minute, I expect the EP committee to vote in favor on Monday.
However, I still expect/hope this article to be dropped in the upcoming trilogue negotiations.
https://twitter.com/paddi_hansen/status/1496801318542979078?s=20&t=9ss6S6sezp1Icbto6mE-kA
7/ Both the EU Commission & many member states are fully aware of the dramatic consequences this would have on the industry.
My guess is that @DrStefanBerger wanted to bring EP negotiations to an end & only accepted this article b/c he expects the same outcome in the trilogues.
My guess is that @DrStefanBerger wanted to bring EP negotiations to an end & only accepted this article b/c he expects the same outcome in the trilogues.
8/ But this is uncertain & you never know what comes out of the negotiations, esp. given the fast-changing macro-environment.
No one expected it to pass in the EU Parliament either.
The risk of this insane proposition going through is higher than ever.
No one expected it to pass in the EU Parliament either.
The risk of this insane proposition going through is higher than ever.
https://twitter.com/paddi_hansen/status/1496536264174186505?s=20&t=9ss6S6sezp1Icbto6mE-kA
• • •
Missing some Tweet in this thread? You can try to
force a refresh
