Sunday, March 3, 2024

Crypto Pundit Says Firms Need To Be More Vocal To Effect Changes In The EU’s TFR Crypto Regulation

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  • Patrick Hansen believes more crypto companies should speak up.
  • Pundits hold onto hope that MEPs will revise the TFR draft at the Trilogue stage.
  • The executive fears what could happen if the EU is perceived as opposed to innovation.

Patrick Hansen, one of the most vocal supporters of crypto in the EU, has again come up with suggestions to help ensure blockchain innovation is not stifled in the bloc. Hansen believes that more crypto companies need to throw their hat in the ring if the crypto industry will stand a chance of winning this battle.

The State Of Things And Hansen’s Suggestions

As reported by ZyCrypto on Friday, the European Parliament had approved a draft of the EU’s Transfer of Funds Regulation (TFR) that, aside from effectively outlawing private wallets, would allow investigation of crypto holders without sufficient cause. However, several pundits like Patrick Hansen believe that all hope is not lost yet, and MEPs change their stance n the Trilogue stages, which are expected to commence on the 20th of this month.

On Tuesday, the crypto executive took to Twitter to make suggestions that he believes would help the chances of the EU making changes to the draft at the Trilogue stage. Hansen revealed that more crypto companies, especially the large ones, have to lend their voices to the movement. He noted that many of these companies have been reluctant to speak up against the legislation. However, he believes their support would be critical to achieving any results as a threat to the EU economy was likely to cause lawmakers to proceed more cautiously.

“There are plenty of things we have to improve for next time though. Most crypto companies (even some of the largest EU players, won’t name any names) refrained from publicly speaking out against the TFR. Politicians care about the economy. We need firms to be more vocal,” tweeted Hansen.

Hansen also said that crypto lobbyists and advocacy groups needed to be more organized and push for greater visibility. Hansen went further to call for the support of European celebrities, citing the backing crypto got from celebrities in the US.




Some Hope Amidst Huge Risks

Hansen is not the only one that believes there is some hope for a turnaround in the Trilogue stage. Membership organization Blockchain for Europe also expressed the same sentiment in a post on Thursday just after the vote. The group revealed that the European Council currently had the correct stance on unhosted crypto wallets. If they could maintain that stance in their negotiations with the European Parliament, Blockchain for Europe believes there could be hope for a revision of the draft.

Hansen has noted that the current state of things paints the EU as a region opposed to innovation. He noted that it was a very precarious position, especially as their neighbors in the UK have disclosed plans to become a crypto hub. If things don’t change, the EU risks an exodus of talent and companies.


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