EU Committee Votes Down Anti-proof-of-work Clause in Crypto Bill

The clause previously sought to “effectively” ban crypto services related to proof-of-work-based coins, including bitcoin and ether


EU flags in front of European Commission in Brussels | Source: Shutterstock


key takeaways

  • A controverial section of the EU’s crypto draft bill has been voted down by the bloc’s economic committee
  • Voting witnessed 23 votes in favor to 30 votes against, with a further six abstaining

The EU Committee on Economic and Monetary Affairs (ECON) has voted against the implementation of a controversial clause that some say possessed teeth to effectively ban proof-of-work coins, including bitcoin.

ECON’s voting session on Monday witnessed 23 votes in favor of the Markets in Crypto Assets (MiCA) draft legislation’s clause to 30 votes against, with a further six abstaining.

Specifically, the clause sought to subject the use of the crypto industry’s proof-of-work-based digital assets to “minimum environmental sustainability standards.”

Language in the bill also included a measure to “set up and maintain a phased rollout plan to ensure compliance with such requirements.”

The wording was a revision to the bill which previously sought to establish a framework prohibiting crypto services from utilizing proof-of-work-based cryptos altogether.

Some, including Unstoppable Finance’s head of growth Patrick Hansen, viewed the language, including its revised wording, as “essentially the same” as a ban on bitcoin.

Lawmakers across the continent have been pushing for regulation on crypto mining, concerned proof-of-work is an energy-intensive crypto activity deemed “unsustainable” in light of the legislation’s aims.

Introduced in 2020, MiCA seeks to tighten regulation around digital assets by establishing a licensing regime on the continent and streamlining a uniform set of rules for the bloc’s 27 member states.

MiCA is part of the EU’s Digital Finance package that is attempting to “further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks.”

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg


In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.


Ethereum Dencun will enable Ethereum transactions to be submitted as blobs, potentially alleviating the costs of posting data on the blockchain


After a rocky start, bitcoin ETF shareholders are now well in the green


Revolut said that the standalone crypto exchange is currently “invite only”


The stock price jump comes after Coinbase reported ending its seven-quarter run of net losses during the fourth quarter


BUZZ holds shares of Coinbase, Robinhood and MicroStrategy


Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile