EU elections re-elect key digital currency lawmakers, likely with greater focus on competitiveness and growth

According to CoinDesk, the EU elections have seen Stefan Berger, Ondrej Kovarik and Irene Tingali, who play a key role in the 27-nation trade bloc's cryptocurrency legislation, re-elected. One crypto industry participant said there could be a "slight turn to the right," which could lead to "greater focus...on competitiveness and growth." The European Parliament (EP) elections were marked by a right-wing tilt, with key figures in the trade bloc's cryptocurrency journey re-elected. Voting for the 720 Members of Parliament (MEPs) began last week, and results from 27 countries have been rolling in since Sunday. Among them are Stefan Berger, rapporteur for legislation on markets in crypto assets (MiCA), as well as Ondrej Kovarik and Irene Tingali, former chair of the Economic and Monetary Affairs Committee (ECON). The elections have tilted the bloc further to the right, though not as far as some expected, Foster said. The most extreme changes occurred in Austria and France, where President Emmanuel Macron called early elections after the National Assembly won nearly twice the number of seats his center-right bloc had. In Austria, the Freedom Party is projected to win 27% of the country's seats, more than any other party. The largest group in the European Parliament remains the center-right group of the European People's Party, which has grown from 176 of 705 seats in the last parliament to a projected 186 now. Most groups associated with left-wing views have lost influence. "A slight shift to the right, with a strengthened EPP and a weakened Green Party, could lead to a stronger focus on competitiveness and growth over the next five years," said Foster. "This could lead to a framework that is more conducive to innovation-friendly policies." While cryptocurrencies have not been a key topic in the EU elections, the future of cryptocurrencies will depend on the commissioners who can propose legislation. Some members of the crypto community are seeking more blockchain policy, but MEPs cannot propose new legislation, they can only shape and decide it. New commissioners will be elected after the EU elections.