On Thursday 23 January in Strasbourg, a large number of MEPs urged the European Commission to step up its efforts to strengthen international regulation on the use of cryptocurrencies.
Against the backdrop of the inauguration of the new American president, Donald Trump, and the launch of his own digital currency, opinions within the European Parliament differ as to whether Washington could be relied upon to cooperate in establishing global standards.
“We could all agree on the need for international standards. (...) But, looking at what is happening on the other side of the Atlantic, I think we should start to review our good intentions and work harder to protect Europe”, argued Jonás Fernández (S&D, Spanish) at the European Parliament plenary session on Thursday.
On the right of the Chamber, Markus Ferber (German) praised the ‘MiCA’ regulation (see EUROPE 12984/3), applicable in the EU since December 2023, which, according to the EPP MEP, introduces “minimum standards”; “an attempt to curb what is happening in the USA, by having more predictability and visibility for all players in the sector”, he said.
However, Mr Ferber called on the European Commissioner for Home Affairs and Migration, Magnus Brunner, to use “all his power” to work towards greater international regulation.
Opinions also differ on the potential role of crypto-assets as a driver of innovation.
“The EU must be careful not to adopt its usual over-restrictive approach, which could push innovation and investment towards more flexible markets outside the EU”, stressed Marlena Maląg (ECR, Polish).
Her Renew Europe counterpart, Stéphanie Yon-Courtin (French), offered a moderate view: “Yes, cryptocurrencies offer new investment opportunities. But they must not become a global jungle for fraudsters”.
For the Greens/EFA, Rasmus Andresen (German) called the added value created by cryptocurrencies “questionable”. “The US President Trump is opening the door to the privatisation of the monetary system with indiscriminate deregulation and by placing ‘crypto-elites’ in key financial roles in his administration. Let me say very clearly that this must not be the European way”, he declared.
Concluding the debate, Commissioner Brunner lauded the fruitful exchange of views, expressing his hope that the US administration would act “as a catalyst for further progress in bringing regulatory clarity”. (Original version in French by Bernard Denuit)