Sunday, September 25, 2022

US may tighten the siege against the “new” Ethereum | Bitcoin Portal

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler signaled on Thursday that cryptocurrencies issued by networks that use proof-of-stake (PoS) consensus may be investment contracts and require regulation. The information is from the Wall Street Journal.

The regulator’s speech came just hours after the merger of the Ethereum network from proof-of-work (PoW) to proof-of-stake (PoS).

According to the publication, Gensler said that the way blockchains that use PoS consensus, which generate new cryptocurrencies through the stake service, resemble investment contracts. In this way, the tokens may have to be under the purview of the SEC.

However, the publication continues, Gensler stated that he was not referring to any specific coin, despite the coincidence with the Ethereum Foundation event.

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system change

The Ethereum Merge, transition from the proof-of-work (PoW) consensus system to the proof-of-stake (PoS) method, took place successfully in the early hours of Thursday (15).

It is one of the most important events in the history of cryptocurrencies also for the environment, as environmental activists think. In fact, according to mining experts, the Ethereum network will now use 99.9% less electricity to keep running.

Speaking of the environment, cryptocurrency mining through PoW is on the agenda of the NGO Greenpeace, which, after the Merger, will also reinforce its campaign against the code used in Bitcoin mining.

To intensify the initiative, “Change the code, not the climate”, launched earlier this year, the organization created a petition that will be sent to a major US investment firm, Fidelity, to try to win their support for the campaign.

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Nation World News Desk
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