In general, okay, Ethereum developers are already planning to abandon PoW in favour of the Proof-of-Stake algorithm, what will happen with other coins, will they also switch to a new algorithm or will they blow off these news?
Ethereum is already going to switch to POS, the developers have already been talking about it for a long time now. But As for Bitcoin, I don’t really know if the developers are going to switch it from what it is now to become a proof of stake. If this law should be passed in Europe, then coins that are not able to switch to PoS will no longer be mined in Europe, and will all moved to other countries where the law will allow them to continue mining these cryptocurrencies.
It is just like what happened in China as they banned cryptocurrencies and miners quickly moved to USA and other countries like Russia. So this is same thing that is going to happen with cryptocurrencies that are not able to switch to POS.