Morning Post - October 13

headlines

▌Bitcoin miners in Texas face scrutiny from lawmakers

U.S. lawmakers are seeking information from the Texas Power Reliability Council, the group that runs the Lone Star State's power grid, about the electricity consumed by the mining industry over the past six years. Just seven companies consume enough electricity to power the entire city's 830,000 residents, according to figures provided in the lawmakers' letter. Sen. Elizabeth Warren of Massachusetts has described Texas as an unregulated safe haven, claiming that the influx of mining companies poses a threat to the state's energy market, straining the power grid. The letter argues that Texas taxpayers should not subsidize the profits of mining companies. Subsidies for bitcoin miners will also exacerbate the climate crisis, Warren added.

policy

▌U.S. Treasury Secretary Yellen: There are loopholes in the digital asset regulatory framework

U.S. Treasury Secretary Yellen said: There are loopholes in the regulatory framework for digital assets, and she hopes to work with the U.S. Congress to formulate appropriate regulatory measures to reduce financial stability risks.

cryptocurrency

▌Founder of Compound: Stablecoins are fundamentally better than wire transfers, ACH currencies, writing paper checks, or using credit cards to pay

Compound founder Robert Leshner said at the Chainlink SmartCon event in New York that whether you are a retail user, a hedge fund, an exchange, or a business that wants to make payments, stablecoins are crazy attractive everywhere, and in some ways, Stablecoins have done what everyone expects Bitcoin to do. Stablecoins are fundamentally better than the old ways of paying with wire transfers, ACH money, writing paper checks, or using credit cards. They are faster, cheaper, better and given their way, they will win and conquer. Regulators appear to have come to the same conclusion, and are looking at stablecoins as a way to regulate the entire industry. If you're a lawmaker right now, you're looking at stablecoins and seeing something very successful, it might come as a shock to you.

▌Barry Silbert: 850,000 Americans own Grayscale Bitcoin Trust

Barry Silbert, founder of Digital Currency Group, said that 850,000 Americans own the Grayscale Bitcoin Trust Fund, and the time has come for the SEC to approve the spot Bitcoin ETF.

▌Robo-advisory platform Betterment launches cryptocurrency investment portfolio

The robo-advisory platform Betterment has cooperated with the cryptocurrency exchange Gemini to launch four cryptocurrency investment portfolios. The cryptocurrencies contained in the four portfolios are all tokens listed on Gemini, including the Metaverse and DeFi fields. The new portfolio will hold cryptocurrencies directly in managed investment accounts, vehicles that will allow investors to purchase accounts managed by Betterment algorithms. Additionally, portfolio shares can be traded on exchanges.