Daily Digest - 13th October 2022

Headlines

▌Texas Bitcoin Miners Face Scrutiny From Lawmakers

U.S. lawmakers are seeking information from the Texas Electric Reliability Commission, an organization that runs the Lone Star state’s power grid, about the amount of electricity the mining industry has consumed over the past six years. Just seven companies consume enough electricity to power 830,000 residents across the city, according to data provided in the lawmakers' letter. Describing Texas as an unregulated safe haven, Massachusetts Sen. Elizabeth Warren said the influx of mining companies poses a threat to the state's energy market and strains the grid. The letter argues that Texas taxpayers should not subsidize the profits of mining companies. Warren also said that subsidies for bitcoin miners will also exacerbate the climate crisis.

Policies

▌U.S. Treasury Secretary Yellen: There Are Loopholes in the Digital Asset Regulatory Framework

U.S. Treasury Secretary Yellen said: “There are loopholes in the regulatory framework for digital assets, and we hope to work with the U.S. Congress to formulate appropriate regulatory measures to reduce financial stability risks.

Cryptocurrency

▌Compound Founder: Stablecoins Are Fundamentally Better Than Wire Transfers, ACH Currencies, Writing Paper Checks or Using Credit Cards

Compound founder Robert Leshner said at the Chainlink SmartCon event in New York that whether you are a retail user, a hedge fund, an exchange or a business that wants to make payments, stablecoins have crazy appeal everywhere. In some ways, what everyone expects Bitcoin to do, stablecoins have done. Stablecoins are fundamentally better than wire transfers, ACH currencies, writing paper checks or using credit cards as payment methods of the past. They are faster, cheaper, and better, and as they go, they will win and conquer. Regulators seem to have come to the same conclusion and are using stablecoins as a way to regulate the industry as a whole. If you're a legislator right now, you're looking at stablecoins and seeing something very successful, it might shock you.

▌North Korea Uses Crypto Hack Funds to Develop Nuclear Weapons

North Korea seems to be using hacked funds to finance their new nuclear adventures. The UN Security Council’s North Korean sanctions committee blamed North Korean hacker groups such as Lazarus for attacking Harmony and Ronin Bridge. The North Korean hackers used social engineering hacking methods to infiltrate systems and hunt individual victims in an attempt to force open the vulnerabilities of the projects.

▌Tron Is Now The National Blockchain For Dominica

TRON, one of the leading public blockchains, partners with the Commonwealth of Dominica to develop and issue the Dominica Coin (DMC). DMC is a blockchain-based fan token intended to raise awareness of Dominica’s natural heritage as well as to help promote its tourist attractions on a worldwide scale. “The TRON team and myself are delighted that Prime Minister Roosevelt Skerrit trusts TRON to develop the blockchain infrastructure that will empower their participation in the decentralized financial future,” said TRON’s founder, Justin Sun.