The European Parliament elections have commenced, with over 700 members vying for seats. The results are expected by June 9, coinciding with the implementation of the European Union's (EU) crypto regulations, known as MiCA. The newly elected parliament is not expected to demand immediate changes to MiCA, although it has the authority to request a report from the European Commission on the necessity of alterations.

The elections are a significant event, as the elected members of the European Parliament (MEPs) will have the power to shape and decide on new laws. However, they cannot initiate legislation, and the final decision on adopting a law rests with the Council of the EU. The commencement of the vote coincides with the enforcement of the EU's landmark Markets in Crypto Assets (MiCA) legislation, which is expected to have a significant impact on the crypto industry.

Robert Kopitsch, Secretary General of Blockchain for Europe, has stated that immediate changes to MiCA are unlikely, citing the upcoming stablecoin rules, due to take effect on June 30, as an example. However, MEPs can request the European Commission to propose a report on whether changes to MiCA are necessary. If the report is favorable, the Commission can act and change certain provisions in MiCA in consensus with the core legislators, which is the Parliament and the Council.

The crypto industry has relied on MEP allies such as Lídia Pereira from the European People's Party and Ondřej Kovařík from Renew Europe to advocate for pro-crypto rules. Both Kopitsch and Tommaso Astazi, head of regulatory affairs at Blockchain for Europe, expect to see more MEPs, including younger members, who might be more open to new technologies. After the election, the new MEPs will assist in selecting the new European Commission. New commissioners are expected to be chosen by October and have their priorities set by the end of the year. Whether crypto will be a focus in the EU largely depends on the next set of commissioners, according to Astazi.

In conclusion, the European Parliament elections are a significant event that will shape the future of the EU's crypto regulations. The implementation of MiCA is a major milestone, and the newly elected parliament will have a crucial role in shaping the future of the crypto industry in the EU.