Since the plenary vote on landmark pan-European cryptocurrency legislation, Markets in Crypto Assets (MiCA), has been rescheduled from late 2022 to February 2023, Stefan Berger believes it is a matter of technical necessity. .
In response to Cointelegraph’s request for more information, Berger, the member of the European Parliament responsible for handling the MiCa framework, explained that the delay has nothing to do with the content of the legislation:
“I see it as a purely technical necessity and not as a political move. I have no reason to believe that support for the MiCA legislation has changed in the European Parliament.”
According to Berger, the distance between the successful completion of the MiCa trialogue negotiations in October and its final approval vote in February could be explained by “the enormous amount of work for linguist lawyers, given the length of the legal document.”
On October 10, during the trilogue phase, members of the parliamentary committee approved the regulatory framework for cryptocurrencies in a vote of 28 in favor and one against. Following legal and linguistic checks, Parliament’s approval of the latest version of the document and publication in the EU’s official journal, the new legislation could enter into force as early as 2024.
The European effort to finalize the global cryptocurrency framework has yet to find the same movement in the United States. For this reason, in mid-October, the Commissioner for Financial Services of the European Commission, Mairead McGuinness, stressed that regulatory efforts must be global in nature.
Meanwhile, after several bills on cryptocurrencies in general and stablecoins in particular have been presented to the public, debate by US lawmakers has stalled. One of the possible reasons is the disagreement between the Democratic and Republican parties, especially when it comes to stablecoins.
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