According to Odaily Planet Daily, EU elections will begin on Thursday, which may mean that key lawmakers lose their seats in the new 720-member parliament, and the policy agenda of the cryptocurrency industry will enter an unstable period. Crypto experts are closely watching how lawmakers handle the delicate balance between regulation and innovation. The crypto industry will pay attention to who will play several key roles in the new parliament. For example, the parliament's Economic and Monetary Affairs Committee has played a vital role in revising and developing crypto legislation over the past five years.
There are several pending draft laws that were not completed before the election, and these bills will need a rapporteur, or the designation of a chief negotiator in parliament. The digital euro is a controversial proposal that will also require a new parliamentary leader if German MEP Stefan Berger does not return to complete the process.
The European Commission will report on the progress of DeFi and NFTs and assess any risks that the ecosystem may pose to consumers and the market. The MiCA framework largely excludes these two areas of the crypto industry and focuses on service providers. Instead, the Commission will decide whether additional legislation is needed based on the findings. The report on DeFi and NFTs will be published in December and will include insights from European financial market and banking regulators.
