The European Parliament’s Committee on Economic and Monetary Affairs (ECON) on Monday has voted against the de-facto proof-of-work ban: 32 against, 24 in favor.

As ZyCrypto reported yesterday, a provision looking to force proof-of-work (PoW) cryptocurrencies like Bitcoin and Ethereum to switch to the more environmentally friendly proof-of-stake (PoS) consensus mechanism was in a draft of Markets in Crypto Assets (MiCA) up for a parliamentary vote today.

PoW is a consensus mechanism used by Bitcoin, Ethereum, and even the popular meme coin Dogecoin. The mechanism requires many computers to work hard to solve complex problems in order to validate transactions on the network, yielding crypto rewards to the system that gets to the solution the fastest. It has been touted as an effective model to secure the blockchain and deter bad actors from validating fake transactions.

This is a developing story… refresh for updates.