Blockchain
Texas Blockchain Council and Riot Platforms sue US federal agencies over crypto energy scrutiny
Texas Blockchain Council (TBC) and Riot Platforms have initiated a lawsuit against the U.S. Department of Energy (DOE), its Energy and Information Administration (EIA), and the U.S. Office of Management and Budget (OMB).
The legal challenge, filed in the U.S. District Court for the Western District of Texas on Feb. 22, marks a significant pushback against what the plaintiffs consider to be unwarranted regulatory scrutiny from the Biden Administration towards the cryptocurrency sector, particularly concerning energy consumption.
The core of the lawsuit alleges that the EIA’s emergency collection of information from various TBC members, including Riot Platforms, contravenes legal standards. The plaintiffs argue that these actions breach the Paperwork Reduction Act and its regulations, accusing the EIA and OMB of acting without due process, akin to accusations previously leveled at the SEC for similar regulatory actions.
The filing sharply criticizes the government’s methodology, framing it as a blend of “sloppy government process” and “invasive government data collection” without proper justification or procedural adherence.
This legal action stems from an announcement by the EIA last month, declaring its intent to gather data on electricity consumption from select U.S.-based crypto-mining operations starting in early February. This move followed a rapid approval by the OMB of an emergency data collection request on Jan. 26, compelling commercial miners to disclose their energy usage details.
The TBC has voiced concerns over the request for detailed operational information, such as the types of machines used and the locations of mining facilities. There is apprehension that making such information public could expose the industry to further scrutiny and potential targeting, a fear that is underpinned by previous statements from The White House.
Describing the government’s initiative as a “direct assault on private businesses,” TBC and its allies are seeking legal remedies to prevent the DOE and EIA from proceeding with data collection from identified commercial cryptocurrency miners. They also aim to annul the OMB’s approval of the data collection effort, arguing for a halt to any data gathering without proper notice and a chance for public comment.
Following the OMB’s swift approval of the EIA’s request for energy usage data from 82 Bitcoin mining operations, the EIA reported a significant increase in the annual electricity consumption by crypto miners, from 0.6% to 2.3% of total usage. This has led to a declaration from the EIA of its intent to monitor and potentially regulate energy usage associated with mining operations.
Lee Bratcher, President of the TBC, voiced strong opposition to the government’s oversight efforts, suggesting that the motivation behind the survey is not grid stability but a politically driven campaign against the cryptocurrency sector.
The lawsuit represents a broader pattern of resistance within the crypto industry against perceived regulatory overreach. Notable figures such as House Majority Whip Tom Emmer have publicly criticized the Biden administration’s stance towards Bitcoin mining and the broader cryptocurrency industry, accusing it of abusing its power.
Additionally, recent legal actions, such as those by Texas-based Lejilex and the Crypto Freedom Alliance of Texas (CFAT) against the SEC, highlight the growing discontent within the industry towards regulatory pressures.
Source: Crypto News
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Blockchain
Glidelogic Corp. Announces Revolutionary AI-Generated Content Copyright Protection Solution
Blockchain
Ethereum ETFs Aren’t Blockchain But Is A Revolutionary Tech: Top 6 Amazing Reasons To Invest In Them
The financial landscape is rapidly evolving, with the integration of blockchain technology and cryptocurrencies becoming more prominent. Among these, Ethereum ETFs (Exchange-Traded Funds) have emerged as a significant investment vehicle, offering exposure to the Ethereum blockchain’s native cryptocurrency, Ether (ETH), without requiring direct ownership. However, it’s crucial to understand that Ethereum ETFs are distinct from the blockchain itself and serve different purposes in the investment world.
Understanding Ethereum and ETFs
Ethereum: A decentralized platform that enables the creation and execution of smart contracts and decentralized applications (dApps). It operates using its cryptocurrency, Ether (ETH), which fuels the network.
ETF (Exchange-Traded Fund): A type of investment fund that holds a collection of assets and is traded on stock exchanges. ETFs can include various asset classes, such as stocks, commodities, or bonds.
Ethereum ETFs: The Intersection of Traditional Finance and Cryptocurrency
An Ethereum ETF provides a way for investors to gain exposure to the price movements of Ether without directly purchasing the cryptocurrency. This is achieved through an ETF structure, where the fund holds assets linked to the value of Ether, and investors can buy shares of the ETF on traditional stock exchanges.
Key Features of Ethereum ETFs:
- Indirect Exposure: Investors gain exposure to Ether’s price changes without needing to manage or store the cryptocurrency themselves.
- Regulatory Compliance: Unlike the relatively unregulated cryptocurrency market, ETFs operate under the oversight of financial regulators, offering a layer of investor protection.
- Accessibility: Ethereum ETFs are available through traditional brokerage platforms, making them accessible to a broader range of investors.
Why Invest in an Ethereum ETF?
- Diversification: Including an Ethereum ETF in a portfolio can provide exposure to the cryptocurrency market, potentially enhancing diversification beyond traditional assets.
- Convenience and Familiarity: ETFs are a familiar investment product, simplifying the process of investing in cryptocurrencies.
- Professional Management: ETF managers handle the investment decisions, including the buying and selling of assets, which can be advantageous for those less familiar with the cryptocurrency space.
- Regulatory Oversight: ETFs are subject to regulatory scrutiny, potentially offering more safety and transparency compared to direct cryptocurrency investments.
- Potential for Growth: As the cryptocurrency market grows, ETFs linked to assets like Ether may benefit from rising prices.
Key Differences Between Ethereum and Ethereum ETFs
While both are related to the Ethereum blockchain, Ethereum itself and Ethereum ETFs represent different forms of investment:
- Ethereum (ETH):
- Direct ownership of the cryptocurrency.
- Full exposure to Ethereum’s features, including staking and network participation.
- Traded on cryptocurrency exchanges.
- Highly volatile and largely unregulated.
- Ethereum ETF:
- Indirect exposure through shares representing Ether’s value.
- Traded on traditional stock exchanges under regulatory oversight.
- Offers a more stable and familiar investment structure.
- Typically lower volatility compared to direct cryptocurrency ownership.
Future Considerations for Ethereum ETFs
The approval and launch of Ethereum ETFs mark a significant milestone in bringing cryptocurrencies closer to mainstream finance. They offer a convenient and regulated means for investors to gain exposure to the growing digital assets market. However, they also come with limitations, such as not allowing direct participation in the Ethereum ecosystem’s innovations, like dApps and smart contracts.
As the market evolves, we may see more sophisticated financial products that better capture the full potential of the Ethereum ecosystem. For now, Ethereum ETFs provide a balanced option for those interested in cryptocurrency exposure within the framework of traditional finance.
In conclusion, while Ethereum ETFs offer a gateway into the world of digital assets, they should be viewed as complementary to, rather than a replacement for, direct investment in the underlying blockchain technologies. Investors should carefully consider their investment goals, risk tolerance, and the unique attributes of both Ethereum and Ethereum ETFs when making investment decisions.
Source: blockchainmagazine.net
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Nexo, a leading institution in the digital assets industry, has reinforced its commitment to data security by renewing its SOC 2 Type 2 audit and attaining a new SOC 3 Type 2 assessment without any exceptions. This rigorous audit process, conducted by A-LIGN, a respected independent auditor specializing in security compliance, confirms Nexo’s adherence to stringent Trust Service Criteria for Security and Confidentiality.
Key Achievements and Certifications
- SOC 2 and SOC 3 Compliance:
- SOC 2 Type 2: This audit evaluates and reports on the effectiveness of an organization’s controls over data security, particularly focusing on the confidentiality, integrity, and availability of systems and data.
- SOC 3 Type 2: This public-facing report provides a summary of SOC 2 findings, offering assurance to customers and stakeholders about the robustness of Nexo’s data security practices.
- Additional Trust Service Criteria:
- Nexo expanded the scope of these audits to include Confidentiality, showcasing a deep commitment to protecting user data.
- Security Certifications:
- The company also adheres to the CCSS Level 3 Cryptocurrency Security Standard, and holds ISO 27001, ISO 27017, and ISO 27018 certifications, awarded by RINA. These certifications are benchmarks for security management and data privacy.
- CSA STAR Level 1 Certification:
- This certification demonstrates Nexo’s adherence to best practices in cloud security, further solidifying its position as a trusted partner in the digital assets sector.
Impact on Customers and Industry Standards
Nexo’s rigorous approach to data protection and compliance sets a high standard in the digital assets industry. By achieving these certifications, Nexo provides its over 7 million users across more than 200 jurisdictions with confidence in the security of their data. These achievements not only emphasize the company’s dedication to maintaining top-tier security standards but also highlight its proactive stance in fostering trust and transparency in digital asset management.
Nexo’s Broader Mission
As a premier institution for digital assets, Nexo offers a comprehensive suite of services, including advanced trading solutions, liquidity aggregation, and tax-efficient credit lines backed by digital assets. Since its inception, the company has processed over $130 billion, showcasing its significant impact and reliability in the global market.
In summary, Nexo’s successful completion of SOC 2 and SOC 3 audits, along with its comprehensive suite of certifications, underscores its commitment to the highest standards of data security and operational integrity. This dedication positions Nexo as a leader in the digital assets space, offering unparalleled security and peace of mind to its users.
Source: blockchainreporter.net
The post Nexo Reaffirms Commitment to Data Protection with SOC 3 and SOC 2 Compliance appeared first on HIPTHER Alerts.
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