{"id":6821,"date":"2021-07-28T17:46:21","date_gmt":"2021-07-28T16:46:21","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=6821"},"modified":"2021-07-28T17:46:30","modified_gmt":"2021-07-28T16:46:30","slug":"professor-angela-walch-calls-for-crypto-mining-regulation","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/professor-angela-walch-calls-for-crypto-mining-regulation\/","title":{"rendered":"Professor Angela Walch calls for crypto mining regulation"},"content":{"rendered":"\n
Professor Angela Walch of St. Mary\u2019s University School of Law has called for more scrutiny on the activities of crypto miners<\/a> in the State.<\/h5>\n\n\n\n
\"Professor<\/figure>\n\n\n\n

A proposal for stronger rules on cryptocurrency miners was also made during Tuesday's crypto hearing before the United States Senate Committee on Banking\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, Housing, and Urban Affairs.<\/p>\n\n\n\n

Professor Angela Walch, speaking before the committee, stated that miners wielded “significant power” over the way blockchain networks operate.<\/p>\n\n\n\n

According to Walch, miners can take advantage of their transaction-ordering position, which could become a “big concern” for cryptocurrencies, according to Law360.<\/p>\n\n\n\n

Professor Walch emphasized the idea by comparing the miner extractable value paradigm \u2014 in which miners receive greater profits by scheduling transactions in a specific way \u2014 to a “bribe.”<\/p>\n\n\n\n

Given their role as “intermediaries” in the multibillion-dollar crypto ecosystem<\/a>, Walch advocated for “more scrutiny” of miners' operations.<\/p>\n\n\n\n

In response to Walch's characterisation of crypto miners as intermediaries, Coin Center executive director Jerry Brito compared their function to that of internet service providers.<\/p>\n\n\n\n

Brito claimed that miners should be regulated similarly to Internet service providers (ISPs), without the need for costly regulations such as money transmission legislation.<\/p>\n\n\n\n

Crypto miners are not considered “financial intermediaries” in New York, according to Brito, therefore the state's strict Bitlicense does not apply to them.<\/p>\n\n\n\n

Walch wasn't the only one who looked at crypto miners with suspicion. Senator Elizabeth Warren<\/a> referred to software developers and miners as “shadowy” and “faceless.”<\/p>\n\n\n\n

Because the United States has been recognized as a possible destination for miners fleeing China as a result of the latter's crypto mining crackdown, the crypto mining industry in the United States may face more scrutiny.<\/p>\n\n\n\n

The majority of the regulatory discussion around U.S. miners has focused on environmental concerns, with several North American mining companies pledging to operate in an environmentally beneficial manner.<\/p>\n","protected":false},"excerpt":{"rendered":"

Professor Angela Walch of St. Mary\u2019s University School of Law has called for more scrutiny on the activities of crypto miners in the State. A proposal for stronger rules on cryptocurrency miners was also made during Tuesday’s crypto hearing before the United States Senate Committee on Banking , Housing, and Urban Affairs. Professor Angela Walch, […]<\/p>\n","protected":false},"author":12,"featured_media":6822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[777,1825,1502],"class_list":["post-6821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","tag-crypto-mining","tag-professor-angela-walch","tag-regulation"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/07\/Professor-Angela-Walch-calls-for-crypto-mining-regulation-scaled.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/6821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=6821"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/6821\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/6822"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=6821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=6821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=6821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}