Read this whole thread. Retweet, contact the politicians who are going to vote on Monday, both the ones supporting the ban and the ones against it:
https://twitter.com/paddi_hansen/status/1502546546914729984?s=21
1/8 Bad news for #bitcoin & #cryptocurrency in the EU ????
The POW-ban has basically made its way back into the draft of the European Parliament that will be voted on in the committee on Monday.
I just read the latest draft. A quick update ????
2/ Four days ago the rapporteur @DrStefanBerger tweeted that his new compromise dropped any ban/addressing of POW.
Now just before the vote a last-minute draft brings back the ban. This is totally unexpected & I was too quick to dismiss that yesterday night.
3/ The wording of the POW ban has changed, but the effect is essentially the same.
Crypto-assets that are deemed unsustainable will be prohibited from being issued, offered or admitted to trading.
4/ Existing cryptocurrencies "shall set up and maintain a phased rollout plan to ensure compliance with such requirements".
Since there is no way #bitcoin can & will implement a rollout plan out of POW, it would affect #BTC as well.
5/ As mentioned before, I totally agree with @Pierr_Person & @PowerHasheur that the implementation of this article would kill the competitiveness of EU crypto businesses and drive plenty of capital, talent, and companies out of the EU.
6/ So what will happen next?
Unfortunately, since the draft was changed last-minute, I expect the EP committee to vote in favor on Monday.
However, I still expect/hope this article to be dropped in the upcoming trilogue negotiations.
7/ Both the EU Commission & many member states are fully aware of the dramatic consequences this would have on the industry.
My guess is that @DrStefanBerger wanted to bring EP negotiations to an end & only accepted this article b/c he expects the same outcome in the trilogues.
8/ But this is uncertain & you never know what comes out of the negotiations, esp. given the fast-changing macro-environment.
No one expected it to pass in the EU Parliament either.
The risk of this insane proposition going through is higher than ever.
Important addition ????
There are 2 alternatives to the Article 2a (POW) that will both be voted on. The 2nd one doesn't plan a ban.
Only 1 of the 2 will make it through. There seems to be a very thin majority against the ban right now, but tbd.
Here is who supports what ????
If you live in Europe, you can make a difference - contact your Member of European Parliament (MEP) and let them know that you oppose a Bitcoin ban in Europe
Look up your MEP here : https://www.europarl.europa.eu/meps/en/home
E-mail, call or tweet your MEP and tell them:
“An outright ban of proof-of-work assets will cripple the EU market, encourage circumvention of law, worsen consumer protection, and push the industry outside the EU – all with no benefit to the environment! Please ask the ECON Committee to oppose Amendments ALT A and ALT G.”
If you have enough time, a call and personal rephrasing of the above is preferred.
Thank you for your support of financial freedom
Pascal Gauthier (Ledger CEO) twitter thread : https://twitter.com/_pgauthier/status/1502406715811192836
Ledger post :
https://www.ledger.com/blog-stand-for-financial-freedom-our-position-on-micas-proof-of-work-ban
Pierre Person (french MEP) twitter thread : https://twitter.com/Pierr_Person/status/1502356083175735307
ADAN report :
https://adan.eu/wp-content/uploads/2022-02-08-Adan-EU-POW-Ban-Position-1.pdf
MiCA proposal:
https://bitcoin.fr/wp-content/uploads/2022/03/MiCA-Compromises-v9-9-March-2022.pdf
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