BREAKING: The ECON committee of the EU Parliament just voted against the de-facto POW-ban: 32 against, 24 in favor.

Big relief & political success for the bitcoin & crypto community in the EU💪💪

Will share a breakdown of the vote and what’s next here in this thread. #Bitcoin
2/ A majority of MEPs from the EPP, ECR, Renew & ID voted against it, while a minority of MEPs from Greens, S&D, and GUE mainly voted in favor.

Instead, this alternative amendment from Stefan Berger was supported.

What does that mean for POW?
3/ Mining will in all likelihood no longer be addressed within this MICA regulation, but added to the EU sustainable finance taxonomy. Here is a recap of this suggestion:
4/ MiCA regulates financial instruments and financial service providers. It makes way more sense to address any concerns around the sustainability of mining technology separately.

Whats next?
5/ The MiCA draft will be negotiated in the so-called “trilogues” between the EU Commission/Parliament/Council.

After their final agreement (couple of months) the law will enter into force.

However, companies will have a 6m transition period to comply with the requirements.
6/ Any chances left for the POW-ban?

The groups that lost the vote have one last option. They could veto a fast-track procedure of MiCA through the trilogues & bring the discussion to the plenary of the Parliament. They need 1/10 of the votes of the EP to do so, which they have.
7/ That would bring the discussion around POW into the high-level policy arena. As we can’t predict how that would play out, it should be prevented. Even if it doesn’t change the vote on POW, it would unnecessarily delay the regulation for at least a couple of months.
8/ And even outside of this MiCA regulation, the discussion around POW-regulation is far from over.

It will come back in the context of the sustainability taxonomy or in the upcoming data center regulation:…
9/ So there is loads of work left in the months and years ahead.

But today is a big political success for crypto in the EU.

Congrats to @DrStefanBerger for this political success and for his support for the crypto community.
10/ And thanks and congrats to everyone who contributed to making our concerns and voices heard.

The crypto community in the EU has clearly become a political force!!

Looking forward to keep pushing Europe to embrace crypto
11/ My sources come directly from the ECON committee in the European Parliament. Will add official link to website asap.
12/ Here is a first official confirmation from the rapporteur MEP who leads the negotiation of this regulation in the Parliament
13/ Here is the detailed breakdown of who voted how on the POW-ban amendment.

Some single members voted outside of the party line, but generally S&D, Greens, & GUE voted for, ECR, PPE, Renew & ID voted against.

Small correction: 23 for & 30 against overall. 6 abstained.
14/ UPDATE: the final results of the committee vote on the entire MiCA draft are out.

A majority of 31 MEPs is in favor. 23 against.

Also, a majority of 33 MEPs voted for entering the trilogue negotiations with Commission & Council based on this draft. 25 abstained. 0 against.
15/ Here is a detailed overview of how all the MEPs voted for the final vote (not only single amendments, but entire draft)
16/ Here is the official press release from the EU Parliament…
Clarification: the 31 votes for, 4 against and 23 abstentions in the press release of the EU Parliament refer to the final vote on the entire MiCA draft.

The numbers in my first tweet refer to the votes on the single POW-ban amendment.

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More from @paddi_hansen

Mar 14
The vote on POW-ban amendment in the ECON committee of the EU Parliament has now been opened and is ongoing. The results will probably be announced around 5-6pm CET. Will keep you posted.
#BTC #Bitcoin
There won't be a public debate of the topic in the live stream. Results will be emailed to MEPs and then made public.
Voting is happening right now in the background. MEPs are voting electronically and remotely, there is no physical meeting/discussion.
Read 10 tweets
Mar 13
1/5 The EU Parliament vote on the de facto POW-ban will take place tomorrow at 1:45-2pm CET. You can follow it via live stream.

I will also share a quick summary here on twitter.

Reminder: This is not the final vote on the regulation.… #Bitcoin #BTC
2/ Even if the ECON committee votes in favor, it is unlikely that the amendment will find its way into the final agreement that becomes law.

Both the EU Commission & the Council would in all likelihood squash it in the upcoming "trilogue" negotiations.
3/ BUT:

1. You never know. The macro-environment (Ukraine, inflation etc.) changes rapidly and energy (prices, usage etc.) might soon become policy topic #1.

Nobody expected this amendment to make it even this far in the EU Parliament.
Read 5 tweets
Mar 12
1/ Important addition 📢

There are 2 alternatives to the Article 2a (POW) that will both be voted on. The 2nd one doesn't plan a ban.

Only 1 of the 2 will make it through. There seems to be a very thin majority against the ban right now, but tbd.

Here is who supports what 👇
2/ The new POW-ban amendment below is tabled and supported by the Greens, the Socialists & Democrats, and the Left in the European Parliament, led by @EeroHeinaluoma & @Schuster_MdEP (S&D), @ernesturtasun & @RasmusAndresen (Greens), & @MacManusChris (Left).
3/ An alternative to the ban is supported by EVP, AKR, Liberals (Renew) and ID.

The alternative is tabled and supported by rapporteur @DrStefanBerger and explicitly doesn't contain any ban.

More infos on the second alternative here:
Read 5 tweets
Mar 12
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
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.
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.
Read 9 tweets
Jan 30
1/8 For the CBDC skeptics over in the US, please let the FED know about your opposition/opinion.

The FED launched a public consultation like the ECB did in Europe last year.

You can use it to build up political pressure 👇
#Bitcoin #Crypto
2/ Alongside its long-awaited digital dollar report, the FED also launched a not much noticed public feedback form.

Everyone is invited to comment on CBDC benefits, risks, policy questions, and design features until May 2022.…
4/ You can access the FED CBDC feedback form here:

It contains 22 open questions around financial stability, financial inclusion, privacy, legal questions etc.
Read 8 tweets
Dec 30, 2021
1/ 2021 was the first year of the @BanklessHQ DeFi mullet thesis playing out.

Fintech in the front, DeFi in the back.

A thread on the 5 most important CeDeFi projects in 2021 and what to expect for 2022 👇… @RyanSAdams @TrustlessState
2/ The most spectacular event was the French banking giant @SocieteGenerale (6th biggest bank in Europe) submitting a public governance proposal on MakerDAO to have their new bond tokens approved as collateral for $20m in DAI.…
@MakerDAO @RuneKek
3/ Having a multinational bank engaging on a DeFi governance forum with a DAO and a bunch of pseudonymous Maker contributors is mindblowing - and surely won’t pass unnoticed by other banks.

This is probably the largest banking DeFi adoption step to date.
Read 23 tweets

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