The European Union’s 27 member states recently participated in a crucial event that saw over 185 million people casting their votes to elect representatives for the European Parliament. This election will shape the political landscape of the EU for the next five years, with significant implications for the crypto and blockchain industries.
The election results were a mixed bag, with the Christian Democrats gaining 10 seats, the Social Democrats losing only four seats, and the pro-crypto Renew Europe Group losing 23 seats. The Greens also suffered a setback, losing 18 seats, while far-right parties saw notable gains.
Various political parties have outlined their plans for the crypto and blockchain sectors. Cointelegraph reviewed the election manifestos of these parties and spoke to members of the European Parliament to understand their future strategies.
The European People’s Party (EPP), also known as the Christian Democrats, won 186 seats and takes a cautious yet forward-looking approach towards cryptocurrencies, digital euro, and blockchain technology. The EPP recognizes the potential of blockchain and digital currencies in enhancing financial services and economic efficiency but stresses the importance of robust regulatory frameworks to prevent misuse and ensure consumer protection.
The Progressive Alliance of Socialists and Democrats (S&D) lost four seats but remains cautiously optimistic about blockchain and cryptocurrencies. The group acknowledges the benefits of these technologies in promoting financial inclusion and improving public services but emphasizes the need for stringent rules to prevent fraud, money laundering, and tax evasion.
Renew Europe, a centrist and liberal political group, advocates for a proactive, innovation-friendly approach to blockchain and digital assets. The party supports the development of a digital euro and a European digital identity to maintain the EU’s competitiveness in the digital age.
The European Conservatives and Reformists Group (ECR) gained four seats and holds a pragmatic view on cryptocurrencies, emphasizing the need for integration into a diverse financial ecosystem while supporting strict Anti-Money Laundering measures.
The Identity and Democracy (ID) Group, known for its populist and nationalist tendencies, has varying views on digital currencies, with some members opposing the introduction of a digital euro due to concerns about privacy and government overreach.
The Greens/European Free Alliance (Greens/EFA) lost 18 seats but remains cautious about the environmental impact of cryptocurrencies and supports exploring a digital euro that aligns with sustainability goals.
The Left in the European Parliament (GUE/NGL) lost one seat and is critical of cryptocurrencies, citing concerns over illicit activities and economic inequality. The group supports a digital euro designed to enhance public control over the monetary system and promote economic justice.
Non-Inscrits, MEPs not affiliated with recognized political groups, such as Volt Europa, a pro-European federalist party, hold progressive views on cryptocurrencies, advocating for user protection and compliance with financial regulations.
The European Christian Political Movement (ECPM) generally supports technological progress while ensuring the protection of human dignity and fundamental rights.
The diverse composition of the newly elected European Parliament will lead to debates and potential adjustments to frameworks like MiCA, with different parties advocating for a balance between innovation and regulatory oversight in the crypto and blockchain sectors.