New York Governor Kathy Hochul signed the moratorium, which prohibits any new mining operations that are not based on 100% renewable energy.
New York state has become the first in the United States to impose a moratorium on proof-of-work (PoW) mining, albeit for only two years. Last week, New York Governor Kathy Hochul signed the moratorium on a bill that prohibits any new mining operations that are not based on 100% renewable energy.. License renewals will also be frozen. In eight months, the anti-mining bill made its way from first passing through the state Assembly to the governor’s pen.
State development seems unfortunate for New York Mayor Eric Adams, who is focused on turning the city into a cryptocurrency hub. Commenting on signing the moratorium into law, Adams sounded calmer than he had in June, when he promised to ask the state governor to veto the document. This time Adams vowed to work with lawmakers “who are in support and those who have concerns” and come to “a great meeting point.”
- US House of Representatives committee sets December 13 date for FTX hearing
After all, New York state remains perhaps the least crypto-friendly place due to its regulatory regime: Not only do miners have to get a fully renewable power source now, but trading platforms are struggling since the introduction of hardly obtainable BitLicense in 2015. However, some officials believe that national cryptocurrency laws should be more like New York’s.
US senators urge Fidelity to reconsider its bitcoin offers
US Senators Elizabeth Warren, Tina Smith and Richard Durbin have again called on Fidelity Investments to reconsider offering a bitcoin (BTC)-linked 401(k) retirement product. In a letter to Fidelity Investments CEO Abigail Johnson, the three senators say FTX’s recent crash is more than enough reason for the $4.5 trillion asset management firm to reconsider its bitcoin offer to savers. retirement.
- Kraken reaches an agreement with the OFAC of the US Treasury for violating the country’s sanctions
The senators also added that “charismatic whiz kids, opportunistic con men and self-proclaimed investment advisers” have played a significant role in manipulating the bitcoin price, which in turn has affected 401(k) retirement savings holders who have invested in Fidelity’s bitcoin product.
Reserve Bank of India to launch retail CBDC pilot in December
The Reserve Bank of India (RBI) is in the final phase of preparing to launch the retail digital rupee pilot. Each bank participating in the trial will test the central bank digital currency (CBDC) to between 10,000 and 50,000 users. To integrate the new payment option, the banks will collaborate with the PayNearby and Bankit platforms.
The infrastructure of the CBDC will be in the hands of the National Payments Corporation of India (NPCI). At some point, the pilot will reportedly include all commercial banks in the country. Earlier, the Reserve Bank of India launched a pilot project for the wholesale segment of the digital rupee, whose main use case is the settlement of transactions on the secondary market for public securities.
- Cracking down on cryptocurrency influencers is one step that would help heal the market
Tornado Cash developer will remain in detention until next year’s hearing
A Dutch court has ruled that Tornado Cash developer Alexey Pertsev will be detained for another three months while the investigation continues. The prosecution laid out a broad overview of their investigation, presenting Pertsev as a central figure in the Tornado Cash operation, before lawyer WK Cheng presented his first defensive argument.. Counsel confirmed that the first session has been postponed to February 20, 2023, and reiterated his belief that the State had presented a one-sided interpretation of Pertsev’s involvement in Tornado Cash.
Turkey seizes FTX assets in ongoing investigation
Turkey’s Financial Crimes Investigation Board (MASAK) has seized assets belonging to Sam Bankman-Fried after launching an investigation into FTX’s affairs in the country. The Turkish investigative body found that FTX TR did not securely store user funds, embezzled client funds through suspicious transactions, and manipulated supply and demand in the market. causing clients to buy and sell listed cryptocurrencies that were not backed by actual cryptocurrency holdings.
As a result of these findings, MASAK seized the assets of Bankman-Fried and its affiliates after finding strong “criminal suspicions” at the aforementioned points. A LinkedIn post by FTX TR noted that the exchange had more than 110,000 users and processed an average monthly transaction volume of $500 million to $600 million since launching its mobile app in early 2022.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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- US House of Representatives committee sets December 13 date for FTX hearing
- Kraken reaches an agreement with the OFAC of the US Treasury for violating the country’s sanctions
- Cracking down on cryptocurrency influencers is one step that would help heal the market
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- The National Bank of Ukraine publishes a draft concept for its CBDC, the digital hryvnia