Summary
- France and Germany have large-scale representation in the EP, and as a result, enjoy considerable influence in many policy areas, including crypto/digital assets.
- Germany, in particular, has been involved in work on AML regulation, the digital Euro, the Digital Markets Act, and MiCA.
- Meanwhile, Greece has shown interest in this space, but its most well-known politician, Eva Kailli, who was regarded as a constructive pro-digital MEP, is embroiled in an ongoing political and legal scandal.
France plays a major role in crypto policy
Policy watchers, including the crypto sector, will be keeping a close eye on France. With the second-largest population in the EU, it currently has 79 MEPs but will gain an additional two, bringing its total contingent to 81 come the June election. France is perhaps the most watched Member State when it comes to the EP elections, primarily because of its unorthodox distribution of seats.
2019 saw the then-popular President Macron’s party send 23 MEPs to the Renew group. La Republic en Marche’s (LREM) electoral success at home and in Europe significantly reduced the size of the French EPP and S&D delegations to historic lows of eight MEPs and seven MEPs respectively.
While the current EP retains a sizable left following (with six MEPs in the GUE group and 12 MEPs in the Green/EFA group) the second-largest delegation after the Renew is the ID, with 18 MEPs from Marine Le Pen’s Rassemblement National.
In terms of crypto/digital assets policy, France has 10 MEPs as members of the Economic and Monetary Affairs (ECON) committee. Stephanie Yon Courtin is the Renew group coordinator, a key role in preparing her group’s voting position on ECON and in plenary when it comes to adopting ECON files.
Meanwhile, Damien Careme (Greens), was co-rapporteur on the AML Regulation.
Among the most influential French MEPs is Pascal Canvin. Elected in 2009 as a Green MEP, he is currently the Renew chair of the environment committee, a full member of ECON and a former French minister delegate for development in President François Hollande’s Socialist-led government.
Current polls suggest the ID-affiliated Rassemblement National will once again come in first, underscoring Le Pen’s successful transformation of RN to a mainstream party. Macron’s Renew-affiliated LREM will likely come second but probably with a larger gap (and fewer seats) than in the previous election.
German influence spreads throughout crypto policy
Germany is the biggest EU member state and has 96 MEPs. Germany’s numerical stature in the EP sees it influence policy in all committees, crypto and digital assets included.
The current German contingent has been highly influential in shaping EU crypto policy, with 17 German MEPs on ECON. A key figure in ECON is EPP coordinator Markus Ferber, first elected in 1994 and standing for re-election in June.
Other notable German ECON crypto influencers include Stefan Berger, EPP rapporteur on MiCA and more recently on the digital euro, and MEP Ralf Seekatz, EPP shadow on the AML Regulation. Berger is standing again, but his position on his party’s list makes it uncertain whether or not he’ll be re-elected.
Four-term veteran EPP MEP Andreas Schwab also merits a mention for his work on digital taxation as an active ECON substitute, but more importantly as rapporteur for one of the flagship pieces of legislation in this term, the Digital Markets Act.
Observers are keeping a close eye on the German results, as well as the relative size of the ID-affiliated far-right AfD, which could become a kingmaker in the formation of a future ID or ECR group on the EP’s right. The domestic governing S&D-affiliated SPD is struggling, polling third with approximately 15%, behind the controversial AfD (19%) and the more traditional center-right EPP affiliated CDU/CSU (30%).
Germany’s European interests will be under the spotlight more intensely than most since Ursula Von der Leyen secured the EPP nomination for re-election as president of the European Commission. If nominated by the European Council, she will need an absolute majority in the EP (361 MEPs) to successfully secure re-election.
Greece shows continued interest in crypto
Greece has 21 MEPs, seven of which sit in the EPP group, six are non-attached (belonging to no political group) and four stem from the Left.
The undisputed personality among Greek MEPs active in crypto policy is the now-infamous former EP vice- president and S&D MEP Eva Kailli. Kailli remains caught up in legal and judicial battles in relation to the Qatargate scandal and has lost the S&D whip, so now sits as an independent. Prior to the scandal, she was seen as a constructive and thoughtful torch-bearer for the crypto industry.
Other notable Greek MEPs include Georgios Kyrtsos, a full ECON member, formerly elected in 2014 as an EPP MEP, but currently sitting in the Renew group as an independent and Left MEP Dimitrios Papadimoulis, vice-president of the EP with responsibility for gender equality and diversity.
In terms of the polls, the EPP-affiliated New Democracy has a seemingly unassailable lead of approximately 36%, after winning a May 2023 general election and cementing its position with another snap election in June 2023. It looks on track to take the top spot, securing its current seven seats.
