Merger is 'a step in the right direction' to solve crypto power consumption - Rostin Behnam
CFTC Chairman Says Ethereum Blockchain's Transition to Proof-of-Stake, Despite Reduced Power Consumption than 99%, might not go far enough to solve the problem.
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Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission, or CFTC, said transitioning the Ethereum blockchain to proof-of-stake could help reduce the power consumption of crypto, but said suggested that legislation would probably still be needed to solve the problem.
Speaking at a Thursday hearing before the Senate Agriculture Committee, Behnam answered a question from Minnesota Senator Amy Klobuchar, who referred to the environmental impact of the "significant energy" needed mining cryptocurrencies. Without mentioning the merger by name, the CFTC Chairman said the crypto bill currently being considered by lawmakers would require a power consumption report that could lead to future policy discussions and "incentives to move away from carbon-intensive energy sources".
"We've all heard the stats about the incredible amount of energy used to mine the coins," Behnam said. "I would say something happened last night with Ethereum that will reduce power consumption - a step in the right direction, but certainly won't solve the problem."
CFTC Chairman Rostin Behnam speaking to the Senate Agriculture Committee on ThursdayIn his written testimony, Behnam said he favors passage of the Consumer Protection Act. digital assets, legislation to extend the CFTC's authority over the crypto market, adding that the regulator has the "expertise and experience" to be the "digital asset market regulator." According to the CFTC chairman, many of the criticisms of the crypto space — focused on fraud and scams — could be addressed by giving the agency “a lens on the trading platform…
CFTC Chairman Says Ethereum Blockchain's Transition to Proof-of-Stake, Despite Reduced Power Consumption than 99%, might not go far enough to solve the problem.
New
Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission, or CFTC, said transitioning the Ethereum blockchain to proof-of-stake could help reduce the power consumption of crypto, but said suggested that legislation would probably still be needed to solve the problem.
Speaking at a Thursday hearing before the Senate Agriculture Committee, Behnam answered a question from Minnesota Senator Amy Klobuchar, who referred to the environmental impact of the "significant energy" needed mining cryptocurrencies. Without mentioning the merger by name, the CFTC Chairman said the crypto bill currently being considered by lawmakers would require a power consumption report that could lead to future policy discussions and "incentives to move away from carbon-intensive energy sources".
"We've all heard the stats about the incredible amount of energy used to mine the coins," Behnam said. "I would say something happened last night with Ethereum that will reduce power consumption - a step in the right direction, but certainly won't solve the problem."
CFTC Chairman Rostin Behnam speaking to the Senate Agriculture Committee on ThursdayIn his written testimony, Behnam said he favors passage of the Consumer Protection Act. digital assets, legislation to extend the CFTC's authority over the crypto market, adding that the regulator has the "expertise and experience" to be the "digital asset market regulator." According to the CFTC chairman, many of the criticisms of the crypto space — focused on fraud and scams — could be addressed by giving the agency “a lens on the trading platform…
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