EU Election Results Set to Shape Future of Crypto and Blockchain Regulation

From June 6 to 9, over 185 million citizens from the European Union’s 27 member states voted for candidates to serve a five-year term in the European Parliament, the legislative branch of the political bloc.

This pivotal event will shape the political direction of the EU for five years, including the future of crypto and blockchain.

The election results are mixed: The Christian Democrats won 10 seats, the Social Democrats lost only four seats, and the pro-business Renew Europe Group lost 23 seats.

The Greens lost 18 seats, while far-right parties made notable gains.

Cointelegraph reviewed the election manifestos of various parties and interviewed members of the European Parliament about their plans for the crypto and blockchain industries.

The EPP Group, the largest and one of the most influential political groups in the European Parliament, holds a cautious yet forward-looking stance on cryptocurrencies, the digital euro, and blockchain technology.

MEP Stefan Berger stated, “Crypto assets are gaining importance and have their place as a complement to the traditional financial system.”

The EPP supports the current MiCA law but sees the potential for future adjustments and a legal framework for NFTs.

The S&D Group is cautiously optimistic about blockchain and cryptocurrencies, recognizing their potential benefits but emphasizing the need for strict regulations to prevent fraud, money laundering, and tax evasion.

They support the idea of a digital euro for increasing the effectiveness of monetary policy and consumer protection.

Renew Europe, a centrist and liberal political group, has been a prominent voice in the European debate on crypto.

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The group supports a robust regulatory framework for crypto assets and views blockchain technology as a key driver of transparency, efficiency, and growth.

Renew Europe champions a digital euro and a European digital identity to enhance trust in digital transactions and streamline administrative processes.

The ECR Group holds a pragmatic and cautious view on cryptocurrency, advocating for robust Anti-Money Laundering measures and stringent cybersecurity measures.

They are skeptical about a digital euro, viewing it as unnecessary given existing solutions like instant payments.

The ID Group does not have an official stance on digital currencies and blockchain.

However, member parties such as Germany’s Alternative for Germany (AfD) oppose a digital euro, fearing it could undermine the use of cash and individual privacy.

The Greens/EFA Group acknowledges the potential of blockchain for enhancing transparency and sustainability but is concerned about the environmental impact of certain cryptocurrencies.

They support exploring a digital euro that aligns with sustainability goals and social welfare.

The Left is critical of cryptocurrencies, expressing concerns over their potential to facilitate illicit activities and exacerbate economic inequality.

They support a digital euro designed to enhance public control over the monetary system and promote economic justice.

Volt Europe, a pro-European federalist party, advocates for protecting users’ digital rights while ensuring compliance with financial regulations.

They support a digital euro and harmonized European investment regulation.

The European Christian Political Movement (ECPM) supports technological progress as long as it does not threaten human dignity, fundamental rights, or the environment.

The newly elected European Parliament will significantly influence the future of cryptocurrency and blockchain technology in the EU.

Each political group has a different perspective, leading to expected debates and potential adjustments to frameworks like MiCA.

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