Bitcoin’s proof-of-work consensus algorithm requires a huge amount of energy in order to solve complex mathematical tasks.
The regulator believes that the industry should move to proof-of-stake, an alternative consensus mechanism that consumes much less energy. The CFTC head supports the idea of disclosing how much energy a certain cryptocurrency consumes. Behnam has noted that more developers are working on PoS projects amid growing concerns about Bitcoin's excessive energy consumption. , Ripple co-founder Chris Larsen recently launched a joint campaign with Greenpeace to urge Bitcoin developers to implement a code change that would reduce the cryptocurrency’s excessive power consumption. He sounded the alarm over massive losses linked to protocol hacks, scams, and other types of attacks.
In February, the regulatory agency argued that speculative favor surrounding Bitcoin required great investment protections. As reported by U.Today, the U.S. Securities and Exchange Commission has asked for a higher enforcement budget in order to be able to police the cryptocurrency industry in a more efficient way.
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