UK Govt lays out plans to become ‘crypto asset technology hub’
The United Kingdom has announced plans to become a “global crypto asset technology hub.” The country’s Finance Ministry will create legislation to bring certain stablecoins into the regulatory framework. The government acknowledged that certain stablecoins have the potential to become a widespread means of payment, including by retail customers. Stablecoins are cryptos whose value is pegged to that of fiat currencies like the US Dollar, Euro, and UK Pound.
Crypto prices today: Bitcoin rises 1%, ETH up 0.5%
Bitcoin is currently trading at $46,585.62, a 1% increase over the previous day. Ethereum is up 0.54% over the last 24 hours to $3,516.2. Solana fell 2.6% to $132.28, while Cardano is trading lower by 2.08% at $1.20. Polygon (MATIC) fell 2.16% to $1.64. The global crypto market cap stands at $2.16 trillion, a 0.29% increase over the previous day.
Intel launches new Bitcoin mining chips focused on sustainability
Intel launched its “Intel Blockscale ASIC,” a second-generation Bitcoin mining chip. The chip features a 580 GH/s (gigahashes per second) hash rate, while consuming just 26 J/TH (joules per terahash), making it much more efficient. Hash rate measures how quickly a miner can generate answers to Bitcoin’s next block. Joules per terahash measure how much energy is consumed to produce every terahash.
Gensler wants SEC and CFTC to regulate crypto exchanges together
US Securities & Exchange Commission (SEC) Chair Gary Gensler has asked his staff to coordinate with the Commodity Futures Trading Commission (CFTC) to find ways to regulate platforms that facilitate the trading of both securities and non-securities. A joint SEC-CFTC registration and regulation process could eliminate some confusion by giving exchanges a single regulatory authority to turn to.
Crypto billionaire plans to give away 99% of his fortunes
The billionaire founder of crypto exchange FTX, Sam Bankman-Fried, plans to give away the vast majority of his wealth. According to Bloomberg, the 30-year-old drives a Toyota Corolla, lives like a college student, and has a goal of making as much money as possible so that he will have more to give away. The MIT grad learned effective altruism in 2012. The philosophy uses mathematical calculations to determine how people could do the most good with their money and time.