Will the European Parliament with the latest TFR regulation draft proposal led by Ernest Urtasun and Assita Kanko (voted on this Thursday by the ECON and LIBE committees) with the abolition of privacy establish Orwellian conditions in the EU or in best case cripple the innovation potential of centralized crypto exchanges (CEXs), because as a result they might now focus on taking legal action? At least, in a Dutch case last year, Rotterdam court has already expressed doubts about the practices of its regulators, whereupon the Dutch Central Bank (DNB) has ceased and stopped its regulatory attacks against the crypto industry (specifically against the centralized crypto exchange Bitonic).
About the court case:
https://www.simmons-simmons.com/en/publications/ckoyjjyim1apg0a6003wygiy1/dutch-regulator-changes-crypto-policy-following-court-case
Critique by financial crime experts regarding the upcoming votes:
https://www.pinsentmasons.com/out-law/news/eu-financial-crime-reforms-cryptocurrency
General overview and the inadequate terminology of "unhosted wallets" (normal/self-hosted wallets vs custodians):
https://www.coindesk.com/policy/2022/03/25/eu-lawmakers-to-vote-on-blocking-anonymous-crypto-payments-documents-show/
Side note on how MEPs are speeding up Bitcoin's grand test:
https://www.pinsentmasons.com/out-law/news/eu-financial-crime-reforms-cryptocurrency
I hope CEXs will fight back and not leave the EU
We need to unite with civil society protests against chat control plans
This will reinforce innovation in cross-chain DEXs, algorithmic stable coins etc.
CEXs shouldn't be the norm, time for exit
It'll crack down on DeFi innovation in Europe
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This will reinforce innovation in cross-chain DEXs, algorithmic stable coins etc.
(62.5%)
5
/ 8
I hope CEXs will fight back and not leave the EU
(25.0%)
2
/ 8
It'll crack down on DeFi innovation in Europe
(12.5%)
1
/ 8
