The European Parliament decided to delay its vote on the draft of the Markets in Crypto Assets framework indefinitely after receiving backlash from the public over one of the provisions.
The vote was slated for February 28th.
The provision in question seeks to ban crypto firms from offering services that use cryptocurrencies employing the proof-of-work, or POW, consensus protocol. Currently, both Bitcoin and Ethereum use the POW consensus method to validate blocks on the chain.
The ban’s basis is that the proof-of-work method consumes too much energy, which is making it hard for the EU to meet climate change goals set under the Paris Agreement.
“The EU Parliament’s vote on #MiCA will be canceled at my request and will not take place on February 28th.”
EU Parliamentarian Stefan Berger, who is in charge of the draft framework, tweeted February 25th.
The early leaks of the draft framework caused an uproar among the public on social media as such a move would essentially mean a de-
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