A U.S. lawmaker has introduced a bill in Congress to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals. “It is important to note that the Fed does not, and should not, have the authority to offer retail bank accounts,” he stressed. Bill Introduced to Prohibit the Fed From […]
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Bipartisan lawmakers from the U.S. House and Senate Agriculture Committees have requested clear information from the chair of the Commodities Futures Trading Commission (CFTC) about the crypto industry and their role in monitoring it and taking enforcement actions. The CFTC chair Rostin Behnam intends to expand the regulator’s authority over the crypto market. Democrats and Republicans from the Senate and House Agriculture Committees agreed that the agency plays a “critical role“. In a letter that Bloomberg described as “a rare show of bipartisanship in a divided Congress”, the lawmakers asked chair Benham to answer several questions in order “To understand the scope and size of digital asset markets, the benefits and risks presented by these emerging technologies” and “the role of the Commission with respect to these markets”. “The CFTC has a critical role to play to ensure the integrity of digital asset markets. While some of these technologies have the potential to modernize the financial system, it is imperative that customers are protected from fraud and abuse and that these markets are fair and transparent.” The lawmakers approached the risks of the crypto industry and called for the CFTC to widen their engagement to protect consumers from losses and scams. The letter details alleged risks from the industry and reiterated that the CFTC is enabled by the Commodity Exchange Act to take enforcement actions for violations coming from digital asset marketplaces. “Despite the CFTC’s responsible engagement, this industry is still subject to risks of abuse, including consumer fraud and cybercrime. Consumers reported losing nearly $82 million to 2 cryptocurrency scams between the fourth quarter of 2020 and first quarter of 2021, more than 10 times the amount from the same six-month period a year earlier.” The lawmakers are also concerned about risks in the DeFi space and “any DeFi protocols offering derivatives contracts on unregistered exchanges”. However, they noted that “there are still questions about who is responsible for monitoring DeFi markets for fraud and manipulation, safeguarding customer funds, and ensuring parties meet their obligations to one another.” Related Reading | Did US Regulators Began Offensive Against Crypto Platforms? CFTC Fines Kraken Authority Of The CFTC In October 2021, during chair Rostin Behnam’s confirmation hearing, he appealed to Congress looking to expand the CFTC’s regulatory authority and stated that the entity is ready to be the “primary cop on the beat” “the total size of the digital asset market was US$2.7 trillion and among that $2.7 trillion, nearly 60% were commodities. So with that in mind, I think it’s important for this committee to reconsider and consider expanding authority for the CFTC,” Behnam’s statement seemed to contradict Gary Gensler’s, chair of the Securities and Exchange Commission (SEC), who sees most cryptocurrencies as equity. This has seemingly turned into a race amongst regulators to gain more authority. The SEC’s view on how to define Ether has become unclear. If the two largest cryptocurrencies by market cap (BTC and ETH) are not securities, then the SEC has a large size of the market out of regulatory reach. However, the lawmaker’s letter defined both Bitcoin and Ether as commodities, which would mean that both of these assets fall under the CFTC’s jurisdiction. “The CFTC has long considered certain digital assets to be commodities and courts have agreed. In fact, the two largest digital assets by market capitalization are commodities: Bitcoin and Ether. These two digital assets alone make up approximately 60% of the $2.7 trillion market. Futures contracts on Bitcoin and Ether are currently traded on CFTC-registered derivatives exchanges.” Related Reading | How the CFTC fine on Coinbase could affect future crypto company listing
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Block, formerly known as Square, is working on an open-source bitcoin mining system, according to CEO Jack Dorsey. He referenced a more detailed thread on the project’s objectives by the company’s general manager for hardware, Thomas Templeton. We’re officially building an open bitcoin mining system ✨ https://t.co/PaNc7gXS48 — jack⚡️ (@jack) January 13, 2022 Block Is Working On Bitcoin Mining Thomas Templeton, Block’s general manager for hardware, set out the company’s next moves in a series of tweets. “From buying, to set up, to maintenance, to mining,” Templeton said, the goal is to make bitcoin mining — the process of creating new bitcoins by solving increasingly hard computing tasks — more dispersed and efficient in every aspect. According to Templeton, making the mining process more accessible is about more than just creating more bitcoin. Templeton wrote: “We want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining. We’re interested because mining goes far beyond creating new bitcoin. We see it as a long-term need for a future that is fully decentralized and permissionless.” The initiative is focused in combining performance and open-source design in a “elegant system integration,” according to Templeton. The company is looking for technologies and partnerships that could help the idea, which is currently being developed by Block’s hardware team. Afshin Rezayee is leading a dedicated team of engineers to the endeavor, and available positions include electrical engineers, software and analog designers, ASIC engineers, and layout engineers. BTC Market cap down from last year’s ATH. Source: TradingView The bitcoin mining system developed by Block aims to improve three areas of bitcoin mining: availability, reliability, and performance. The goal is to make mining rigs easier to identify and buy, while also providing a consistent delivery experience; improve dependability by designing something that can better dissipate heat and dust; and boost performance while consuming less power. “Common issues we’ve heard with current systems are around heat dissipation and dust. They also become non-functional almost every day, which requires a time-consuming reboot. We want to build something that just works,” Templeton tweeted. “They’re also very noisy, which makes them too loud for home use.” Related article | Is Norton 360 Mining Ethereum In Your Computer? If It Is, They’ll Take a 15% Cut Dorsey Wants To Democratize BTC Mining The mission statement of this project includes democratizing bitcoin mining access. Dorsey wrote in October: “Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.” The news corresponds to Dorsey’s announcements from 2021. Dorsey tweeted, Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions. — jack⚡️ (@jack) October 15, 2021 Block’s news comes only months after the United States overtook China as the world’s top bitcoin mining destination for the first time. Renewable energy sources abound in the United States. Hydropower mining farms flourish in Washington State. New York generates more hydroelectric power than any other state east of the Rocky Mountains, and its nuclear power plants contribute to the state’s objective of zero carbon electricity. Meanwhile, Texas’ renewable energy contribution is increasing over time, with wind power accounting for 20% of the state’s power in 2019. In addition, the Texas grid continues to add more wind and solar power at a rapid pace. Block hasn’t given a specific date for when its bitcoin mining system would be available for purchase and use, since the company is still in the research phase of development. Templeton also encouraged members of the public to contact him if they had any concerns or suggestions for improving the initiative. Related article | More Green Energy: Crypto Mining Saves A Hydro Power Plant In Costa Rica
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I've read that coinbase offer the lowest amount, I have a ledger too but with gas fees so high, would there be any point unless I waited for them to be low then bought it. I've also read about swapping it then staking it but this would make tax a headache. I am planning to…
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Most miners will always look for what is best for them at the moment but not for the future, their loyalty is to the highest bidder. Big chunk of miners has sold their RVN holdings to acquire Bitcoin Satoshi or get more fiat because it was “The most profitable coin at some point in time”,…
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