The CoinGeek Pulse Episode 55: New Digital Asset Introduced to US Congress, Aramco Denies BTC Mining Reports, BSV Sets New World Record

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A 58-page bill to create a comprehensive regulatory framework for digital assets took center stage in the U.S. Congress this week, following three different hearings on the same topic the day before.

Representative Don Beyer, Chairman of the Joint Economic Committee of the US Congress, presented the “Digital Asset Market Structure and Investor Protection Act”, the bill considered to be the most comprehensive to date. The bill will cover the definition of securities to commodities in a clause that would strengthen data collection for tax returns, among others. This would allow the Treasury Secretary to exclude stablecoins, force regulators to set rules for decentralized finance (DeFi) and possibly create a charter for digital asset trading. It can also act as a gateway for the United States to create its own central bank-backed digital currency by allowing the Federal Reserve to do so.

Beyer’s bill is the first to support reform of several agencies. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) would need to make a joint decision, providing legal clarity for most of the digital asset market.

There is not yet a clear timetable for its passage.

In one declarationBeyer said, “Our laws are overdue and my bill would start the long-awaited process of updating them to give digital asset owners and investors basic protections.”

Beyer’s spokesperson said the lawmaker had been working on it for over a year, which came as a surprise as Beyer had shown little interest in the industry before. However, reports indicate that its top two donors, based on public records, have been working on industries related to digital assets.

In other news, Saudi Aramco has denied allegations of involvement in BTC’s mining activities. The company dismissed the rumor in an official statement: “With reference to recent reports claiming that the company will engage in Bitcoin mining, Aramco confirms that these claims are completely false and inaccurate.”

In an alleged interview on the Bitconheiros YouTube channel, Brazilian investor Ray Nasser said negotiations are underway with Aramco regarding BTC mining. Nasser reportedly said: “Aramco has to burn this flue gas. They have to get rid of this gas which is a byproduct of their oil production, they are doing it. What if you found a way to make money doing this? “

Aramco generates large amounts of energy, a requirement for bitcoin mining. It is Saudi Arabia’s biggest oil exporter.

Meanwhile, the Bitcoin SV blockchain continues to break records! The BSV blockchain set a new world record for the highest daily average block size on a Bitcoin network on July 31, 2021.

The average block size on the BSV network during this 24 hour period was 45.87MB compared to the average BTC network block size of 753.58KB, more than 60 times smaller than observed on BSV. This is the third record in the past two months for the BSV network, which also set new daily average records on June 8 with 17.39 MB and on June 25 with 35.08 MB.

Earlier this year, the BSV blockchain also topped BTC with the total data stored on the chain on May 16 reaching 352.9 GB on the BSV network against 352.4 GB of BTC, making BSV the richest Bitcoin network. in data. Since then, the BSV network has continued to extend this lead, increasing the amount of data stored on-chain.

This week, CoinGeek’s Hashing It Out with Becky Liggero featured several guests discussing how blockchain can benefit the iGaming industry. To watch this captivating conversation, Click here.

New to Bitcoin? Discover CoinGeek Bitcoin for beginners section, the ultimate resource guide to learning more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.


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