New crypto oversight legislation arrives as industry shakes

[Eugene]

Source: Associated Press

New crypto oversight legislation arrives as industry shakes

By FATIMA HUSSEIN and KEN SWEET
August 3, 2022

WASHINGTON (AP) — After 13 years, at least three crashes, dozens of scams and Ponzi schemes and hundreds of billions of dollars made and evaporated, cryptocurrencies finally have the full attention of Congress, whose lawmakers and lobbyists have papered Capitol Hill with proposals on how to regulate the industry.

The latest bipartisan proposal came Wednesday from Sens. Debbie Stabenow, D-Mich., and John Boozman, R-Ark. It would hand the regulatory authority over Bitcoin and Ether to the Commodities Futures Trading Commission. Stabenow and Boozman lead the Senate Agriculture Committee, which has authority over CTFC.

Bills proposed by other members of Congress and consumer advocates have suggested giving the authority to the Securities and Exchange Commission.

This year, crypto investors have seen prices plunge and companies crater with fortunes and jobs disappearing overnight, and some firms have been accused by federal regulators of running an illegal securities exchange. Bitcoin, the largest digital asset, trades at a fraction of its all-time high, down from more than $68,000 in November 2021 to about $23,000 on Wednesday.

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Read more: https://apnews.com/article/cryptocurrency-technology-health-congress-1f90a144e449e5e80858661c741557f8

[bucolic_frolic]

1. Time to ditch the crypto in favor of NFTs - they'll be safe

because Dutch Tulip Mania is different this time.

[progree]

2. Not to mention the huge amount of greenhouse gasses produced from the electricity - the same

as the entire country of Greece, the latest I read. Its also of a scale that is a big problem for some grids.

The electricity is consumed solving stupid puzzles -- it's deliberately meant to be a costly exercise so as to not create too much cryptocurrency and thus depreciate the currency. This is literally f***ing insane in a world that is clearly heating up because of greenhouse gasses.