Proposal Limiting Proof-of-Work Is Rejected in EU Parliament Committee Vote: Sources

  • The European parliament’s economic and monetary affairs committee voted on Monday to keep the provision out of a draft of the proposed Markets in Crypto Assets framework, the EU’s comprehensive regulatory package for governing digital assets, people familiar with the result said.
  • Some EU leaders are concerned that renewable energy may be channelled into sustaining cryptocurrencies like bitcoin instead of national use.
  • For popular proof-of-work cryptocurrencies like bitcoin and ether, which are already traded in the EU, the rule proposed a phase-out plan to shift their consensus mechanism from proof-of-work to other methods that use less energy, like proof-of-stake.