EU vote could lead to more innovation-friendly policy framework

The vote of 720 Members of the European Parliament (MEPs) began last week, and the results from 27 countries have been announced since Sunday. Elected members include Stefan Berger, Ondrej Kovarik, and former Chair of the Economic and Monetary Affairs Committee (ECON) Irene Tingali, who will serve as legislative reporters for the crypto asset market (MiCA).

Mark Foster, the EU Policy Lead for the Cryptocurrency Innovation Committee, said that the election results show a slight shift to the right, combined with the strengthening of the European People's Party and the weakening of the Green Party, which may lead to the EU focusing more on competitiveness and growth in the next five years. This may result in a more favorable policy framework for innovation.

Cryptocurrencies were not a key topic in the EU elections, but the future of cryptocurrencies will depend on the ability of the committees to propose legislation. Some members of the crypto community are seeking more blockchain policies, but European Parliament members cannot propose new legislation, they can only formulate and decide on it. New committee members will be elected after the EU elections.