Quantum miners' energy savings 🔋, Circle hires former CFTC ⚖️, Propose AI bills 📃
Daily Crypto, Blockchain & Web3 Update 2023-06-09
CRYPTOCURRENCY
US House committee releases new stablecoin bill draft (2 min read)
The bill could become the first crypto law in the US if it is approved by the House committee after it is discussed on June 13th.
The United States House Financial Services Committee has released the third draft of the stablecoin bill presented by its chair, Representative Patrick McHenry. The latest draft of the bill is bipartisan and includes specific proposals from Republican and Democratic committee members.
EU starts countdown to crypto legislation, adds MiCA to official journal (2 min read)
MiCA, which comes fully into force by the end of 2024, aims to create a consistent regulatory framework for crypto assets among European Union member states.
On June 9, the European Union’s Markets in Crypto-Assets (MiCA) legislation was published in the Official Journal of the European Union (OJEU). This triggers the countdown for the law to come into effect on Dec. 30, 2024.
US senators propose AI bills for transparency and innovation (2 min read)
Lawmakers in the United States have proposed two new bipartisan bills targeting issues of transparency and innovation in artificial intelligence (AI).
On June 8, Democratic Senator Gary Peters, and Republican Senators Mike Braun and James Lankford, introduced the first bill, which would require the government to be transparent with its AI usage.
BLOCKCHAIN
Quantum miners would yield ‘massive’ energy savings for blockchain: Study (3 min read)
University of Kent researchers compared three quantum systems to an ASIC miner, and the quantum machines were demonstrably more energy efficient.
A pair of scientists from the University of Kent’s School of Computing in the United Kingdom recently conducted a study comparing energy consumption rates for current ASIC-based miners to proposed quantum-based solutions.
BUSINESS
Circle hires former CFTC, US Treasury executive as chief legal officer (2 min read)
Stablecoin issuer Circle has loaded its arsenal to fight the ongoing regulatory crackdown on crypto. By July 1, the role of chief legal officer and head of corporate affairs will be filled by Heath Tarbert, a top attorney with a background in all three branches of the United States government. Heath Tarbert will serve as the company’s chief legal officer and head of corporate affairs, bringing experience with all three branches of government.
QUICK LINKS
Crypto custodian BitGo signals intent to acquire Prime Trust (2 min read)
Should the deal go through, Prime Trust’s infrastructure will “map over 1:1” with BitGo’s services and add another trust company and crypto IRA fund.
Cathie Wood’s ARK loads up crypto bags, buys $19.9M Block shares (3 min read)
Just days after buying $21 million of Coinbase shares, ARK Invest CEO Cathie Wood has added another $19.9 million in Block Inc. shares across its ETFs.
Pro-Bitcoin DeSantis tagged over AI-faked photos in Trump smear campaign (3 min read)
The images depicting Donald Trump cuddling up to and kissing Anthony Fauci were labeled as being AI-generated on Twitter's disinformation alert feature.