One of the causes of the MiCA voting delay is “the enormous amount of work for the lawyer linguists, given the length of the legal text.”
Stefan Berger thinks it is a technical need that the Plenary vote for the historic pan-European crypto law, Markets in Crypto Assets (MiCA), has been moved from the end of 2022 to February 2023. Berger, a member of the European Parliament in charge of handling MiCa’s procedural aspects, responded to a request for more information by stating that the delay has nothing to do with the legislation’s actual content:
“I view this as a purely technical necessity and not as a political move. I have no reason to believe that the support for the MiCA has changed in the European Parliament”.
Berger asserts that the time it took for the lawyer linguists to complete their work, given the length of the legal text, to translate MiCa, which was approved by the final vote in February, could be the cause of the delay between the trialogue negotiations’ successful conclusion in October and that date.
The crypto framework policy was approved by the parliamentary committee on October 10 at the trialogue phase with 28 votes in favor and 1 against. The crypto regulations might start to take effect in 2024 after passing legal and linguistic scrutiny, Parliament’s approval of the most recent version of the document, and publication in the official EU journal.
The United States has not yet taken similar action to the European endeavor to complete the comprehensive crypto architecture. Because of this, Mairead McGuinness, commissioner for financial services at the European Commission, highlighted in mid-October that the regulatory efforts should have a global scope. The U.S. senators’ deliberation has meanwhile come to a standstill after numerous distinct measures on cryptocurrencies in general and stablecoins in particular were made public. The conflict between the Democratic and Republican parties, particularly with regard to stablecoins, is one of the potential causes.
