From June 6 to 9, more than 185 million people from the European Union’s 27 member states voted for candidates to serve a five-year term in a new European Parliament, the legislative branch of the political bloc. This pivotal event will shape the political direction of the EU for five years, and crypto and blockchain are no exception.
The election results are mixed: The Christian Democrats won 10 seats, while the Social Democrats hung on, losing only four seats, and the pro-business (and pro-crypto) Renew Europe Group lost 23 seats. The Greens also took a beating, losing 18 seats, while far-right parties made notable gains.
As reported by Cointelegraph, the team reviewed the election manifestos of various parties and interviewed several members of the European Parliament about their plans for the future.
European People’s Party (EPP) or Christian Democrats: 186 seats (gained 10)
The EPP Group, the largest and one of the most influential political groups in the European Parliament, generally holds a cautious yet forward-looking stance on cryptocurrencies, the digital euro, and blockchain technology. The group recognizes the transformative potential of blockchain and digital currencies in enhancing financial services and economic efficiency. However, it emphasizes the need for robust regulatory frameworks to prevent misuse, ensure consumer protection, and maintain financial stability.
Progressive Alliance of Socialists and Democrats (S&D): 135 seats (lost 4)
The S&D Group is cautiously optimistic about blockchain and cryptocurrencies. The group recognizes the potential benefits of these technologies in promoting financial inclusion and improving public services. However, its primary concern is the regulatory and social implications. S&D calls for strict rules to prevent fraud, money laundering, and tax evasion. It supports the idea of a digital euro, seeing it as a tool to increase the effectiveness of monetary policy and protect consumers.
Renew Europe: 79 seats won (lost 23)
Renew Europe, a centrist and liberal political group, has been a prominent voice in the European debate on crypto. The group held the rapporteurship for the report on digital finance, which the European Parliament approved in 2020. Since then, Renew Europe has consistently called for a robust regulatory framework for crypto assets to ensure the EU is ready for structural digital transformations.
Renew Europe also champions a proactive, innovation-friendly approach to blockchain and digital assets. The party views blockchain technology as a key driver of transparency, efficiency, and growth across various sectors. The group supports developing and establishing a digital euro, which it sees as essential for maintaining the European Union’s competitiveness in the digital age.
European Conservatives and Reformists Group (ECR): 73 seats (gained 4)
The ECR Group holds a pragmatic and cautious view on cryptocurrency, reflecting its broader conservative and reformist principles. The group sees blockchain and cryptocurrencies as promising tools for economic growth and modernization. According to the ECR, these technologies could make Europe’s financial sector more competitive and efficient, benefiting businesses and consumers alike. It believes cryptocurrencies should be integrated into a diverse financial ecosystem and support the MiCA regulation.
Identity and Democracy (ID): 58 seats (gained 9)
While the ID Group, known for its populist and nationalist tendencies, does not have an official stance on digital currencies and blockchain, member parties such as Germany’s Alternative for Germany (AfD) have some thoughts, at least on a digital euro. The AfD sees the euro as fundamentally flawed and unable to sustain a union of 20 diverse economies. The party thinks that euro bailouts, often at Germany’s expense, are further evidence of its structural inadequacy.
The AfD opposes the introduction of a digital euro by the European Central Bank. The party sees it as a threat to cash, which is essential to protecting individual freedom and privacy from government overreach and surveillance. The party advocates for the preservation of cash as a constitutional right, fearing that a digital euro could undermine this fundamental liberty.
Greens/European Free Alliance (Greens/EFA): 53 seats (lost 18)
The Greens/EFA Group has no overarching policy on cryptocurrencies or blockchain. However, the EFA supports the principle of subsidiarity and the MiCA regulation. The EFA also recognizes the potential of crypto assets to give individuals greater freedom and ownership over their financial affairs.
The Greens/EFA Group takes a cautious and socially conscious stance on blockchain. It acknowledges its potential for enhancing transparency and sustainability in various sectors, such as supply chain management and energy. However, it is wary of the environmental impact of certain cryptocurrencies, particularly those relying on energy-intensive consensus mechanisms, such as proof-of-work. The Greens/EFA Group supports exploring a digital euro, provided it aligns with sustainability goals and contributes to social welfare.
The Left in the European Parliament (GUE/NGL): 36 seats (lost 1)
The Left is critical of cryptocurrencies, expressing concerns over their potential to facilitate illicit activities and exacerbate economic inequality. It is wary of the speculative nature of cryptocurrencies and the risks they pose to financial stability. The Left supports a digital euro designed to enhance public control over the monetary system and promote economic justice. It advocates for strict regulatory measures to curb speculation, protect consumers, and ensure digital financial innovations serve the broader public interest.
Non-Inscrits
Non-Inscrits are MEPs who do not belong to one of the recognized political groups listed above.
Volt Europa: 5 seats won (plans to join Renew in EU Parliament)
Volt Europe, a pro-European federalist party focused on innovation and digital rights, holds a progressive stance on cryptocurrencies. It believes cryptocurrencies are significant within the traditional financial system and advocates for protecting users’ digital rights while ensuring compliance with financial regulations.
Volt supports the introduction of a digital euro without limits and with remuneration to foster competition in the market for deposits and payment services. Its approach to regulation, including MiCA, emphasizes the need for clarity and consistency across the EU to avoid unnecessary red tape for investors and companies.
European Christian Political Movement (ECPM): 4 seats won
According to Adriana Rus, the ECPM’s communications manager, the party generally supports technological progress as long as it does not threaten human dignity and fundamental rights, such as the right to privacy and freedom of speech, and the environment is not harmed. Some ECPM members are particularly critical of initiatives like the European digital wallet and eID, believing they compromise privacy and anonymity. However, beyond these concerns, the ECPM has not established a detailed policy on cryptocurrencies.
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Impact of the New European Parliament
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: The EPP Group favors balanced regulation to support growth and innovation, while the S&D Group prioritizes strict rules to prevent misuse and supports the development of a digital euro. Renew Europe advocates for a proactive stance on digital assets, pushing for a digital euro and a European digital identity.
Given the Parliament’s diverse composition, debates and potential adjustments to frameworks like MiCA are expected. The presence of far-right and conservative parties adds complexity, with some skeptical of the digital euro and prioritizing stringent Anti-Money Laundering measures. Meanwhile, smaller groups like the Greens and the Left emphasize environmental concerns and social justice in digital finance.
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