Governments Acting on Crypto
On Friday, June 3rd, the New York State Senate passed a bill that establishes a two-year moratorium on cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions, i.e. Bitcoin (i.).
The bill has drawn the ire of many in the crypto community, including Ethereum co-founder Vitalik Buterin, who on Saturday (June 4) took to Twitter to express his opposition to the PoW ban saying,
“The government picking and choosing which specific applications are an okay use of electricity or not is a bad idea. Better to just implement carbon pricing, and use some of the revenues to compensate low-income users”.
The bill is now headed to Governor Kathy Hochul to sign it into law or veto it.
Also On Friday, U.S. Senator Cynthia Lummis, an advocate for blockchain technology from Wyoming posted on her Twitter account,
“We’ve been teasing it for months, but the time is almost here – a proposal to fully integrate digital assets into our financial system. Excited to finally unveil this effort next week”.
A released draft of the 70-page bill focuses on numerous aspects of US crypto regulation.
“These areas include which activities would fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC) and other federal regulators” (iv.). The final draft of the bill is planned for release on Monday, June 7th.