The decision taken yesterday by lawmakers to approve the controversial amendments to the Fund Transfer Regulation (TFR) could endanger many crypto exchanges in the European Union (EU). However, the cryptocurrency sector is determined to continue fighting the looming crackdown, as indicated by recent statements from industry representatives. EU Commission approves the draft law on "Unhosted Wallets" The Crypto Innovation Council remained concerned, but relatively optimistic, regarding the possibility of halting the controversial provisions of the regulation during a further phase of the EU's legislative work. "We are heartened by the fact that the provisions have only passed by thin margins," the body said in a statement. "We hope that the ongoing dialogue represents an opportunity to move forward in a neutral and innovation-friendly way". Pascal Gauthier, CEO of hardware wallet maker Ledger, tweeted that the latest decisions could shape Europe's sovereignty and competitiveness in the digital world. "Lawmakers should take a constructive approach that does not stifle innovation, but rather allows Europe to create the tech giants of tomorrow and grasp the full potential of Web3," said Gauthier, adding: "We are certainly disappointed with this result, but the fight is not over." It was supported by Nicolas Louvet, CEO of Coinhouse, who said the industry "will continue to work to prove that this was the wrong choice" by European lawmakers. This perception of a gloomy forecast for the European crypto industry, should the controversial measures be implemented, was also shared by journalist Niko Jilch, who is focused on crypto technology. "A sad day for Europe, but not all is lost yet. They are trying to adapt a new technology to the rules of the past; it will fail, ”he said. "The question is only one: Will there still be a crypto industry in Europe when they realize their mistake or will the United States once again rule Digital Day?" The controversial decision was made by lawmakers from the European Parliament's Commission for Economic and Monetary Affairs (ECON) and the Commission for Civil Liberties, Justice and Home Affairs (LIBE). The legislation could pave the way for a crackdown on so-called "unhosted wallets" - the term institutions use to refer to regular wallets - a construct that has little connection with the reality of day-to-day cryptocurrency exchange operations. After the vote, the bill is now expected to be set up for informal trilateral discussions, also known as trilogues, which could end with a provisional agreement on the bill by EU institutions. A potential agreement will be informal, and will have to be formally approved by each of the three institutions: the Parliament, the Council of the European Union and the European Commission.
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