{"id":310138,"date":"2021-07-28T15:42:54","date_gmt":"2021-07-28T12:42:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/law-professor-calls-for-crypto-mining-regulation-during-us-senate-hearing\/"},"modified":"2021-07-28T15:42:54","modified_gmt":"2021-07-28T12:42:54","slug":"law-professor-calls-for-crypto-mining-regulation-during-us-senate-hearing","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/law-professor-calls-for-crypto-mining-regulation-during-us-senate-hearing\/","title":{"rendered":"# Law professor calls for crypto mining regulation during US Senate hearing"},"content":{"rendered":"

“# Law professor calls for crypto mining regulation during US Senate hearing <\/strong>”
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Tuesday\u2019s crypto hearing before the United States Senate Committee on Banking, Housing and Urban Affairs also included a call for stricter regulations on cryptocurrency miners.<\/p>\n

Addressing the committee, professor Angela Walch claimed that miners held \u201cmeaningful power\u201d over the way blockchain networks operate. According to Walch, miners can exploit their role of transaction ordering, which could become a \u201cmajor issue\u201d for cryptocurrencies, as reported<\/a> by Law360.<\/p>\n

In stressing the point, professor Walch likened the miner extractable value paradigm \u2014 where miners earn more profits from ordering transactions in a certain way \u2014 as being akin to a \u201cbribe.\u201d As such, Walch called for \u201cgreater scrutiny\u201d on the activities of miners, given their role as \u201cintermedia<\/a>ries\u201d in the multi-billion-dollar crypto ecosystem.<\/p>\n

Coin Center executive director Jerry Brito countered Walch\u2019s characterization of crypto miners as intermediaries, instead likening their role to that of internet service providers. Brito argued for miners to be treated like ISPs without the need for burdensome regulations like money transmission laws.<\/p>\n

Brito highlighted places such as New York where the state\u2019s stringent Bitlicense does not include crypto miners, as they are not deemed \u201cfinancial intermediaries.\u201d<\/p>\n

Walch was not the only one to cast a seemingly jaundiced glance at crypto miners. Senator Elizabeth Warren used terms such as \u201cshadowy\u201d and \u201cfaceless\u201d to describe software developers and miners.<\/p>\n

Related: <\/em><\/strong>Regulators scrutinizing Tether\u2019s commercial paper reserves: Comptroller of the Currency<\/em><\/strong><\/em><\/strong><\/u><\/p>\n

With the U.S. identified as a likely destination for miners relocating out of China due to the latter\u2019s crypto mining crackdown, the crypto mining space in the U.S. may be in for more serious scrutiny.<\/p>\n

Most of the regulatory talk regarding U.S. miners has been about environmental concerns, with some North American mining firms expressing their commitment to environmentally sustainable operations.<\/p>\n