Home 2022 Crypto: ECB President Wants Fast Approval of New Broad Crypto Regulation

Crypto: ECB President Wants Fast Approval of New Broad Crypto Regulation

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#ECB #crypto #MiCA #regulation

The vote on proposed crypto regulation for the EU is being delayed just days after the head of the ECB urged the legislation’s passage“–Paul Ebeling

At an informal meeting last wk, ECB President Christine Lagarde said it is “critically important” that European Parliament passes its Markets in Crypto-Assets regulation “as quickly as possible.”

MiCA aims to regulate crypto throughout the EU by establishing financial stability safeguards and investor protections.

However, a German member of the European Parliament, says that a MiCA vote scheduled for Monday was canceled.

Explains the lawmaker in a translated tweet: “As a rapporteur, it is crucial for me that the MiCA report is not misinterpreted as a de facto Bitcoin ban. The discussion about MiCA indicates that individual passages of the draft report can be misinterpreted & understood as a PoW [Proof-of-work] ban. It would be fatal if the EU Parliament sent the wrong signal with a vote under these circumstances.

In this context, I see the urgent need to resume talks and negotiations with the parliamentary groups on this subject and to create clear facts on the question of PoW.

I will make another attempt with all stakeholders to reach a compromise that provides crypto assets with a proper legal framework but does not challenge PoW.”

Have a happy, prosperous day, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.