From 6th to 9th June, over 180 million EU citizens voted in the European Parliament’s elections. The results of the EU elections 2024 can impact social and economic policies, including the crypto industry.
The Results of EU Elections 2024
Even though the EU elections 2024 weren’t surprising for the European political analysts, there were some shocking outcomes afterward, including sudden national elections in France.
Learn more about the EU elections 2024 here!
The Victory Of The Center
The coalition between the two European parties with the highest number of members – EPP and S&D – will stay vital for another five years. They achieved the highest results for the second election in a row.
EPP, which stands for European People’s Party, has 189 seats in the Parliament (from 720 available). It gives the party the loudest voice in European politics.
Far-Right Far Better
EU elections 2024 showed the twist to the more conservative parties. Even though they can’t rule by themselves, their victory over left-wing parties is presented as a significant success. Voters expressed unhappiness towards migration policies and too rapid and firm changes towards ecology.
How Does It Impact The Crypto Industry?
With an unusually vast and complex political environment like the EU Parliament, even small changes can highly impact economic issues, especially in terms of developing branches, such as the crypto industry.
The strong downgrade of the parties, such as the Greens and Lefts, means that they won’t be able to push their initiatives. The Green Deal stands as a foundational project from their perspective. Yet, after the elections, politicians won’t be able to introduce such ideas.
How does it affect the crypto industry?
Companies dealing with crypto mining, especially those focused on Bitcoin, need substantial energy. Proof of Work – a fundamental part of the BTC mining process – is energy-consuming and isn’t approved by the left side of the European Parliament.
The European People’s Party seems to be neutral to technological advancements. The leaders in EU politics focus on developing both the crypto industry and traditional assets, such as EURUSD.
Some traders might think that right-wing parties would rate the crypto market even higher. But is that the correct attitude? Probably not. Parties like ID and ECR support economic freedom, but they stand for a conservative approach towards technological issues. The most common example is disapproval of the adoption of digital euro.
Conclusion: EU Approves Crypto’s Development
A quick look at the most prominent tech companies in the world shows that Europe has lost this battle with the United States and China. These two powerhouses overtook the EU significantly. Could crypto be a chance for the Union?
According to the specialists, including executive directors and founders of the crypto think tanks, the European crypto market can reach new heights with the EU regulations. Unified, organized regulations may be essential for developing this market in the EU.
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