In cryptocurrency news, Reuters wrote that the industry is rushing to respond to US lawmakers’ concerns about stablecoin after the collapse of UST.
The Blockchain Association and Chamber of Digital Commerce, which represent some of the largest companies on the market, have answered “a lot of questions” from Capitol Hill last week or so since the crash.
Parliamentarians asked about the structure of the UST to see if the collapse was preventable.
Meanwhile, the Bitcoin mining company in New York has left the state and is giving up what was once thought to be profitable, the coin desk wrote Thursday (May 19).
This is because the legislature is considering a bill banning new mining projects that use carbon-based energy sources, and experts are investigating the environmental impact. Cryptographic mining uses enormous amounts of computational power and energy.
The Senate bill will require a two-year moratorium on new mining projects that use gas, coal, or other non-renewable energy sources.
Meanwhile, Ripple, an enterprise blockchain and crypto solution, has announced a $ 100 million commitment to the carbon market to help remove carbon and modernize the market, the press release said.
The carbon market has traditionally struggled to keep up with the surge in demand and delays in time to market due to supply bottlenecks. This can undermine climate goals in the long run.
Brad Garlinghouse, CEO of Ripple, said the investment was in response to a “call for global action” on climate change.
Meanwhile, Bloomberg reports that Tether has reduced the amount of reserve commercial paper that supports Stablecoin.
This revealed more information about their holdings as regulators scrutinized dollar-denominated assets.
Tether has assets of approximately $ 82.4 billion as of March 31, and digital tokens have an additional $ 82.2 billion in debt, the report said.
Finally, Panama’s President Laurentino Cortiso is reportedly not signing a law regulating cryptocurrencies, Bloomberg reported.
He said it wanted to include stricter money laundering prevention measures.
The bill was passed last month, making it easier for cryptocurrency exchanges to obtain licenses to operate domestically.