A provision that could force proof-of-work crypto like bitcoin to switch to more environmentally sustainable consensus mechanisms has made it into a draft of the EU’s proposed crypto legislation ahead of a parliamentary vote on Monday. iamsandali
The EU parliamentarian in charge of the MiCA legislative framework, Dr. Stefan Berger, said at the time that theOne version of the new draft, reviewed by CoinDesk, has a similar provision though significantly toned down from the original. It says that crypto assets"shall be subject to minimum environmental sustainability standards with respect to their consensus mechanism used for validating transactions, before being issued, offered or admitted to trading in the Union.
If a proof-of-work consensus mechanism is operating on a small scale, it is exempt from having to meet sustainability standards, according to the provision. What qualifies as a small-scale operation has yet to be determined. It also says that energy-intensive crypto assets that are already in use in the EU before the legislation comes into effect, will have to"set up and maintain a phased rollout plan to ensure compliance with such requirements" as specified in another part of the framework.
Another version of the measure, also seen by CoinDesk, would soften the language even further. However, it's believed the stronger version has a lot of support amongst parliamentarians.to move ethereum from proof-of-work to a less energy-consuming consensus mechanism called proof-of-stake, it is unclear how bitcoin, the largest global cryptocurrency by volume traded, could transition from proof-of-work.
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