• 34ºc, Sunny

European Union vote could lead to more innovation-friendly policy framework

Voting for the 720 members of Parliament (MEPs) began last week, and results for 27 countries have been released since Sunday. The elected lawmakers include Stefan Berger, Legislative Rapporteur for the Crypto Asset Market (MiCA), Ondrej Kovarik, and Irene Tingali, former Chair of the Committee on Economic and Monetary Affairs (ECON). Mark Foster, head of European Union policy at the Council for Cryptocurrency Innovation, said that the election results show a slight shift to the right, combined with the strengthening of the European People's Party and the weakening of the Green Party, is likely to make the European Union more focused on competitiveness and growth over the next five years. This could lead to a more innovation-friendly policy framework. Cryptocurrencies were not a key topic in the European Union elections, but the future of cryptocurrencies will depend on commissioners who can propose legislation. Some members of the crypto community are seeking more blockchain policies, but MEPs cannot propose new legislation, they can only make and decide on it. New commissioners will be elected after the European Union elections.