In the Sejm, exceptionally harsh words were spoken during the debate on the cryptocurrency law. Sławomir Mentzen criticized the way the discussion was conducted, arguing that Poland is losing a historic opportunity for the development of the cryptocurrency industry. His speech quickly circulated online due to its blunt wording and direct accusations against the authorities.

One could say that the last few days in the Polish Sejm are a veritable mine of content. It's just a pity that all of this is happening at the expense of the Polish people.

Sławomir Mentzen on the crypto scandal

In recent days, there is only one phrase dominating the Polish Sejm – cryptocurrencies. The ruling camps, along with the opposition, are playing a game of argumentative ping-pong, exchanging the drawbacks and advantages of cryptocurrencies. The problem, however, is that one side invents its own rules, and there is no judge for this tournament. There are plenty of fans – observers, who, depending on which player they support, turn a blind eye to some rules.

During the session of the Sejm dedicated to the act on crypto-assets, Sławomir Mentzen sharply criticized the narrative that began to dominate the public debate. Right at the beginning of his speech, he stated:

“Dear Madam Marshal, Honorable Chamber, what is happening here is simply unimaginable.”

Mentzen pointed out the scale of the cryptocurrency market in Poland, emphasizing that according to available data, already 3 million Poles own cryptocurrencies. He claims that this is more than the number of Poles having brokerage accounts. He also indicated that Polish projects are primarily developing outside the country because, in his opinion, the regulatory system in Poland does not foster innovation.

He cited the situation where “Lithuania, small Lithuania, issued 70 licenses for electronic money, while Great Poland issued only one.” According to Mentzen, the blame for this state of affairs lies with the Financial Supervision Authority.

The sharpest part of the speech concerned the narrative about alleged connections between cryptocurrencies and Russian services. Mentzen, as he claims, cannot comprehend to what level the ruling coalition has brought the debate about cryptocurrencies. He also asked why such arguments did not appear at earlier stages of legislative work and parliamentary committees.

Risks and threats

In his speech, he also referred to arguments about investment risk and crime, pointing out that similar threats also exist in the banking sector. He also criticized the narrative regarding the alleged lack of regulation, reminding that the EU regulation MiCA applies regardless of the national law.

The culmination moment was his conclusion, in which he addressed the authors of arguments against the presidential veto directly:

“3 million Poles know perfectly well what it's about, and you simply come off as liars and fools. (…) Each of you, including the Prime Minister, who spoke this nonsense here (…) came off either as a liar or as a fool.”

In conclusion, he unequivocally declared his position on the bill. The politician claims that maintaining the veto is the only correct decision. Mentzen's speech has become one of the strongest critical voices against the current shape of cryptocurrency market regulations in Poland and clearly shows how deep the dispute is surrounding the future of this industry.

To read the latest analysis of the cryptocurrency market from BeInCrypto, click here.