Web3 Diaries- BTC Miners Gain Support From Texas
Texas is one of the largest bitcoin mining hubs in the world due to cheap energy and friendly regulators. As policy on bitcoin mining at the federal level has lagged, the state, the largest by energy production in the U.S., is marching on with its own rules.
Texas legislators are throwing their weight behind bitcoin mining with two bills passed in the latest legislative session that are signaling support for the industry — and one thwarted for the time being.
In the past few weeks, two bills — SB 1929 and HB 591 — that show support for miners have made it through the legislative stage and are awaiting Gov. Greg Abbott’s signature. If signed, they take effect on Sept. 1.
USDC Stablecoin to Be Launched Natively on Layer 2 Scaling Solution Arbitrum
Stablecoin issuer Circle announced launching USDC natively on Arbitrum on June 8th. The latest move will replace the currently circulating bridged version of the stablecoin that comes from Ethereum.
A statement released by Circle said Arbitrum will be renaming the Ethereum-bridged version of USDC on block explorers as “USDC.e” ahead of the launch next week. The fintech firm also said there will be an outreach to ecosystem apps to make the same change in their app UI and documentation.
Circle underscored several benefits of the native USDC launch on the popular layer 2 network. As such, the upcoming support by Cross-Chain Transfer Protocol (CCTP) is likely to eliminate bridge withdrawal delays. An upgradeable smart contract for future improvements by the fintech firm, as well as the possibility for institutional on and off-ramps, are some of the other perks.
U.S. Commodities Regulator May Alter Risk Rules to Consider Crypto
The U.S. Commodity Futures Trading Commission (CFTC) has proposed an overhaul of its rules for risk management, and Commissioner Christy Goldsmith Romero said the changes should insist firms prepare themselves for crypto volatility and the risks from holding customers’ digital assets.
The CFTC issued a proposal Thursday to invite comments on possible changes to the agency’s risk management program, and Romero said in a statement that “technologies like digital assets, artificial intelligence, and cloud services, also have emerged as areas that can carry significant risk.”
You need to login in order to Like
