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The new European Commission will determine cryptocurrency policy for the next five years

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2024-09-05 06:56:00
The European Parliament will elect a new European Commission this autumn, which will determine the European Union's cryptocurrency policy for the next five years. Although the new commission will not take office until November at the earliest, there are already some trends that can predict its attitude towards cryptocurrency regulation.
For starters, a shift to the right in Europe's political center of gravity could affect discussions on taxation and innovative approaches. France faces more challenges ahead due to political instability.
Secondly, policymakers will compete for influence on innovative policies, with new lawmakers likely to boost their personal prestige by focusing on crypto policy, and senior policy advisers within the committee likely to compete for power.
Third, innovation will be a policy pillar, with digital privacy and artificial intelligence identified as European Union policy priorities. The Commission is expected to actively implement the Digital Markets Act and the Digital Services Act.
On the market side, increased institutional adoption of cryptocurrencies could trigger political interference, while greater exposure to retail investment in cryptocurrencies in the traditional financial sector could also trigger a political reaction. The European Union has made significant progress on global crypto policy, and new legislative work should ensure the effective implementation of existing rules.