Bitcoin and the PoW preserved – The French cryptosphere was anxious this Monday, March 14 while waiting a crucial vote on the MiCA Act (markets in crypto-assets) on crypto-assets, in draft since at least June 2021. Indeed, a amendment added at the last second (72 hours before the vote) would have rendered, de facto, Bitcoin (BTC) and Proof of Work (PoW) outlaw in the European Union. Fortunately, the worst was avoidfor the moment.
The deadly Bitcoin amendment to the MiCA Law is rejected by 8 votes!
No, and no! Between the end of February and the beginning of March 2022, the crypto-asset sector and its supporters in the European Parliament had already succeeded for the first time in having an amendment withdrawn very problematic of MiCA Law. Cryptocurrency consensus mechanisms judged “unsustainable” – understand the proof of work – would have been condemned to be used only ” Small scale “. In other words, it would have killed bitcoin and its planetary and universal vocation.
But, it was without counting on the motivation of the assassins of the consensus by mining of cryptocurrencies. Still under the ecological pretext of climate change, a new amendment was added at the last minute on Friday March 11for a vote scheduled for Monday, March 14, 2022.
A little more “subtle”, this second amendment no longer spoke directly about Proof of Work, but also returned to the same de facto banishment of Bitcoin with notions of compliance with environmental standards for digital assets:
“(…) cryptocurrencies are subject to minimum standards of environmental sustainability, with regard to their consensus mechanism used to validate transactions. »
Excerpt from the amendment added to article 2a of the MiCA Law
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A healthy reprieve, but the cryptosphere is not done sweating
the verdict therefore fell in a meeting and vote of the Economic and Monetary Affairs Committee (ECON) of the European Parliament on Monday 14 March.
As the reports especially Patrick Hansenfrom the Unstoppable Finance project, the amendment was rejected by a majority of parliamentarians, with 32 votes vs the amendment, and 24 votes for.
“The ECON Committee of the European Parliament has just voted against the de facto ban on PoW: 32 against, 24 in favor. Great relief and political success for the bitcoin and crypto community in the EU. (…)”
Even if a relief is obviously in order for the crypto community, the attacks against consensus by Proof of Work are “far from over” to paraphrase Patrick Hansen. Already because the group carrying the amendment (mainly Les Verts) could “veto” to an accelerated procedure for the adoption of the MiCA Law in this redacted version.
Moreover, the subject of the PoW could return via the proposal of the “sustainability taxonomy” cryptocurrencies now provided for by the MiCA Law, or on an upcoming data center regulations. At least for now, the future for Bitcoin and its consensus clears up clearly, as well in the United States a few days agothan in the European Union today.
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