The recent European Parliament election has seen a shift to the right, with significant changes in the makeup of the parliament. Key figures in the bloc’s crypto landscape have been reelected. While the center-right European People’s Party now holds more seats, other groups, particularly those with left-wing views, have seen their influence wane. The focus on crypto policy in the elections has been minimal, but the future of blockchain regulations will largely depend on the new commissioners who will be appointed following the election. As these commissioners take office, the crypto community is keenly watching for developments in EU blockchain policies.
EP Election Outcomes
The European Parliament (EP) election, which has been characterized by a swing to the right, has seen key figures who played a big part in the trading bloc’s crypto journey reelected. The vote for the 720 members of the parliament (MEPs) started last week, and results have been trickling in from the 27 nations since June 9. Among those returned are Stefan Berger, the rapporteur for the Markets in Crypto Assets (MiCA) legislation, as well as Ondrej Kovarik and the former chair of the Committee on Economic and Monetary Affairs (ECON), Irene Tingali.
The election saw the bloc shift more to the right, although not as far as some people had expected. The most extreme moves occurred in Austria and France, where President Emmanuel Macron called a snap election after the National Rally secured almost double the number of seats of his center-right grouping. In Austria, the Freedom Party is set to win 27% of the nation’s seats, more than any other party.
Future of EU Crypto
The largest block in the European Parliament remains the center-right grouping of the European People’s Party, which has grown from 176 of the previous parliament’s 705 seats to a predicted 186 now. The Identity and Democracy group, home to both France’s Rally National and Austria’s Freedom Party, has expanded from 49 to a forecast 58. Most of the groups associated with left-wing views lost influence.
Crypto has not been a key theme in the EU elections but the future of crypto will be down to the commissioners who can propose legislation. Some members of the crypto community are looking for more blockchain policies, but MEPs cannot propose new legislation, they just shape it and decide on it. New commissioners will be selected after the EU election.
Impact on Market and Asset Prices
Market Implications
The shift to the right in the European Parliament may lead to a more conservative approach to crypto regulation, potentially delaying progressive blockchain policies. This could result in heightened uncertainty and volatility in the crypto markets as investors await clearer guidelines from the new commissioners.
Asset Price Implications
The expected continuation or tightening of existing regulations may pressure prices of crypto assets, particularly those heavily influenced by EU policies. Traders may adopt a cautious stance, potentially causing short-term declines in asset prices, especially for those linked to upcoming legislative changes. Investors might also look to diversify into assets with less regulatory exposure or seek opportunities in regions with more favorable crypto regulations.
How to Buy:
Conclusion
The recent European Parliament election has brought a notable shift to the right, influencing the bloc’s approach to crypto regulation. Key figures like Stefan Berger, instrumental in the MiCA legislation, were reelected, signaling continuity in the crypto landscape. While the center-right European People’s Party has expanded its seat count, left-wing influence has diminished. The focus on crypto was minimal during the elections, but the future of blockchain policies will depend heavily on the new commissioners who will be appointed. The crypto community is now closely monitoring these developments, anticipating how the new regulatory environment will shape the market.
Read Also:
Official Website:
Website: https://www.bitrue.com/
Sign Up: https://www.bitrue.com/user/register
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
See more: Cryptocurrency Prices and Market Cap