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1/8 Bad news for #bitcoin 
https://abs.twimg.com/hashflags... draggable="false" alt=""> & #cryptocurrency in the EU https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚨" title="Politieautozwaailicht" aria-label="Emoji: Politieautozwaailicht">
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 updatehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rug van hand met omlaag wijzende wijsvinger" aria-label="Emoji: Rug van hand met omlaag wijzende wijsvinger">
@balajis @_pgauthier @BrianBrooksUS
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
@balajis @_pgauthier @BrianBrooksUS
2/ 4 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. https://twitter.com/paddi_hansen/status/1502409277717241857?s=20&t=6BS-BPSJjYDwn7HqikgFew">https://twitter.com/paddi_han...
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. https://twitter.com/paddi_hansen/status/1502409277717241857?s=20&t=6BS-BPSJjYDwn7HqikgFew">https://twitter.com/paddi_han...
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.
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 #bitcoinhttps://abs.twimg.com/hashflags... draggable="false" alt=""> can & will implement a rollout plan out of POW, it would affect #BTC https://abs.twimg.com/hashflags... draggable="false" alt=""> as well.
with such requirements".
Since there is no way #bitcoin
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. https://twitter.com/Pierr_Person/status/1502356083175735307?s=20&t=6BS-BPSJjYDwn7HqikgFew">https://twitter.com/Pierr_Per...
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. https://twitter.com/paddi_hansen/status/1496801318542979078?s=20&t=9ss6S6sezp1Icbto6mE-kA">https://twitter.com/paddi_han...
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. https://twitter.com/paddi_hansen/status/1496801318542979078?s=20&t=9ss6S6sezp1Icbto6mE-kA">https://twitter.com/paddi_han...
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.
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. https://twitter.com/paddi_hansen/status/1496536264174186505?s=20&t=9ss6S6sezp1Icbto6mE-kA">https://twitter.com/paddi_han...
No one expected it to pass in the EU Parliament either.
The risk of this insane proposition going through is higher than ever. https://twitter.com/paddi_hansen/status/1496536264174186505?s=20&t=9ss6S6sezp1Icbto6mE-kA">https://twitter.com/paddi_han...
https://twitter.com/paddi_hansen/status/1502597421783830529?s=20&t=fQgg9F_xihN552ZEoU-hwg">https://twitter.com/paddi_han...
