BREAKING: The ECON & LIBE committees of the EU Parliament voted in favor of the FTR compromises D & E that crack down on “unhosted” wallets.
Entire regulation draft to be voted on later today, but will certainly go through.
Breakdown of the vote & more updates in this thread.
Entire regulation draft to be voted on later today, but will certainly go through.
Breakdown of the vote & more updates in this thread.
2/ Very thin margins.
Compromise D: 58 yes | 52 no | 7 abstentions
Compromise E: 62|51|5
It seems like a majority of (most) MEPs from S&D, GUE, Greens & Renew voted in favor, while a minority of (most) MEPs from EPP & ID voted against. ECR seems more split (tbd).
Compromise D: 58 yes | 52 no | 7 abstentions
Compromise E: 62|51|5
It seems like a majority of (most) MEPs from S&D, GUE, Greens & Renew voted in favor, while a minority of (most) MEPs from EPP & ID voted against. ECR seems more split (tbd).
3/ Here is a reminder of the red flag passages at stake that were voted in favor on, unfortunately:
https://twitter.com/paddi_hansen/status/1507741879563132928?s=20&t=kuZBNa7wwiKiTpySqLENhw
4/ The entire draft and the mandate to enter trilogue negotiations will be voted on around 5-6pm CET today, but there is no way that doesn’t go through.
Reminder: This is not the final stage of the legislative process.
Reminder: This is not the final stage of the legislative process.
5/ After the vote today, the ECON proposal will be announced in the plenary session, probably sometime in April.
If no one challenges that by requesting a plenary vote (1/10 of EP votes), the trilogue between the EU Parliament/Commission/Council will start shortly after.
If no one challenges that by requesting a plenary vote (1/10 of EP votes), the trilogue between the EU Parliament/Commission/Council will start shortly after.
6/ The trilogue usually takes a couple of months & offers the last chance to introduce changes.
Individual voices from the council & commission make me optimistic that we can still achieve changes.
But the situation is undoubtedly more difficult than with the POW-ban.
Individual voices from the council & commission make me optimistic that we can still achieve changes.
But the situation is undoubtedly more difficult than with the POW-ban.
7/ This information comes straight out of the EP. I will share an official link/overview of the vote here asap.
And more details on the next steps later.
We have lost a battle, but this is far from over.
And more details on the next steps later.
We have lost a battle, but this is far from over.
8/ Here is the official overview of who voted for what.
Compromise D.
Left, S&D, Greens, Renew mostly in favor.
PPE, ID, ECR mostly against.
Compromise D.
Left, S&D, Greens, Renew mostly in favor.
PPE, ID, ECR mostly against.
9/ Compromise E. Same pattern.
Renew & ECR partly split on these two critical compromises. Rest along the party lines.
Renew & ECR partly split on these two critical compromises. Rest along the party lines.
10/ Thread on the negative real-world consequences of these compromises. They are a recipe for disaster.
It is not a question of "if" these personal data honeypots will be hacked, but "when".
It is not a question of "if" these personal data honeypots will be hacked, but "when".
https://twitter.com/UnstoppableDeFi/status/1509539547868192768?s=20&t=6sXo7Fpy7VkNGmZVHCBDCg
11/ Update: As announced earlier, the final entire draft & mandate to enter into trilogue negotiations have now also been voted on.
Result: Overwhelming majority
Result: Overwhelming majority
12/ Detailed vote on final draft.
Please bear in mind that many MEPs (e.g. PPE) that voted against the bad compromises only voted in favor now to not delay the entire process.
There wasn't anything they could do at this point. This is politics & we shouldn't blame them for this
Please bear in mind that many MEPs (e.g. PPE) that voted against the bad compromises only voted in favor now to not delay the entire process.
There wasn't anything they could do at this point. This is politics & we shouldn't blame them for this
13/ Detailed vote on the mandate to enter trilogue negotiations.
Same here. Please do not hold the MEPs responsible that voted against the harmful compromises in the amendment votes before.
We should make sure they stay on our side.
Same here. Please do not hold the MEPs responsible that voted against the harmful compromises in the amendment votes before.
We should make sure they stay on our side.
14/ The final draft of the regulation that has been voted on will probably be published tomorrow.
I will post it here once it is so that you can see the compromises and the entire text.
I will post it here once it is so that you can see the compromises and the entire text.
15/ fyi, the two main red flag amendments I am mainly referring to (verification of "unhosted" wallets, notification requirement for >1k EUR transfers from "unhosted" wallet) are bundled into the compromise agreements D & E.
16/ For the policy nerds out there, the detailed voting session list is now public: europarl.europa.eu/cmsdata/246612…
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