For context: Ross Scott made a video explaining the situation. The Commission has been meeting with lobbyists frequently and had been essentially stonewalling the initiative for some time now. This was the expected outcome.

However, he still has the support of the European parliament, so they will seek to amend an existing law (which can be done through the Parliament), rather than create a new law (which must be done through the Commission). There is high confidence that this will happen, this path will just take longer