Despite the sector's rapid growth and potential impact on financial markets, candidates have largely overlooked crypto issues in their campaigns.
Elections for more than 700 members of the European Parliament begin today. This event places discussions about cryptocurrencies in second place, despite the sector's burgeoning influence on the global financial landscape. With the election focusing on traditional economic and social issues, the rapid advancements and regulatory challenges posed by digital assets and blockchain technology have received little to no attention from major political candidates.
According to details from CoinDesk, the absence of cryptocurrency discourse in the election campaigns highlights a significant gap in addressing the future of financial technology in the EU. This oversight is surprising given the EU's progressive stance on technology and innovation in other areas. The European Commission has previously recognized the potential of blockchain technology to transform various industries, yet this enthusiasm has not translated into substantial policy debates in the current election cycle.
While the vote comes as the EU's historic Markets in Crypto Assets (MiCA) legislation begins to take effect, the new politicians are unlikely to make any quick adjustments, according to Robert Kopitsch, Secretary General of Blockchain for Europe.
The silence on such issues comes at a time when other major economies are ramping up their regulatory frameworks and investment in digital assets.
To this time, crypto sector has relied on MEP supporters, including Lídia Pereira from the European People's Party and Ondřej Kovařík from Renew Europe, to advocate for pro-crypto rules.
At the same time, the European Central Bank (ECB) is in the midst of exploring the issuance of a digital euro, a project that could revolutionize digital payments in the EU. Despite these significant developments, political candidates have not made these topics a part of their key electoral promises or debates.
The new MEPs will assist select the new European Commission shortly after being elected. Tommaso Astazi, Head of Regulatory Affairs at Blockchain for Europe, stated that the new commissioners would be chosen in October and their priorities will be determined by the end of 2024.
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