Law Professor Calls for Crypto Mining Regulation During US Senate Hearing
These people make me cringe, especially when one thinks about Satoshi’s original vision behind Bitcoin
Law professor calls for crypto mining regulation during US Senate hearing
“Tuesday’s crypto hearing before the United States Senate Committee on Banking, Housing and Urban Affairs also included a call for stricter regulations on cryptocurrency miners.
Addressing the committee, professor Angela Walch claimed that miners held “meaningful power” over the way blockchain networks operate. According to Walch, miners can exploit their role of transaction ordering, which could become a ‘major issue’ for cryptocurrencies, as reported by Law360.
In stressing the point, professor Walch likened the miner extractable value paradigm — where miners earn more profits from ordering transactions in a certain way — as being akin to a “bribe.” As such, Walch called for ‘greater scrutiny’ on the activities of miners, given their role as “intermediaries” in the multi-billion-dollar crypto ecosystem.”
And later, Pocahontas gave her two cents -“Walch was not the only one to cast a seemingly jaundiced glance at crypto miners. Senator Elizabeth Warren used terms such as ‘shadowy’ and ‘faceless’ to describe software developers and miners.”