SEC to deregulate cryptocurrencies with ‘Project Crypto’
qz.com
SEC chair Paul Atkins called the project a “defining moment for American leadership in the crypto asset markets.”

In a Thursday speech, U.S. Securities and Exchange Commission (SEC) chairman Paul S. Atkins announced “Project Crypto,” an initiative to modernize the country’s securities rules and regulations to move financial markets on-chain.

“Under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant,” he said at an America First Policy Institute event in Washington D.C. His plan includes measures to reshore crypto businesses that have left the country and to ensure that “archaic rules and regulations do not smother innovation and entrepreneurship in America.”

  • Cocodapuf@lemmy.worldEnglish
    2·
    4 months ago

    Yes, Etherium is very cool and it can do a whole bunch of really cool things! But on the other hand, it can’t replace Bitcoin. It’s too heavy, transactions are too large, the network can’t hope to handle the number transactions per minute that Bitcoin does. I think most people agree that the two systems compliment each other, they each work well in their niche, but couldn’t do the others’ job.

    So yeah, I don’t see Etherium replacing Bitcoin. Perhaps a layer-2 could, but I have yet to see any that offer the kind of tangible improvements that would really make it stand out.

    • FaceDeer@fedia.io
      31·
      4 months ago

      the network can’t hope to handle the number transactions per minute that Bitcoin does.

      As of this writing, Ethereum is handling 21.1 transactions per second. Bitcoin is handling 4.9 transactions per second. So purely in layer-1 transactions per second Ethereum’s got 4.3 times the capacity of Bitcoin.

      Some of those Ethereum transactions are for running layer-2s, as you mention that greatly expands Ethereum’s capacity. Ethereum is specifically designed to be able to handle layer-2s well, it has features that were added to make them easier to scale. Bitcoin, on the other hand, was never designed for layer-2s and what it does have are hacked-together bodges like Lightning that are going nowhere.

      I think most people agree that the two systems compliment each other, they each work well in their niche, but couldn’t do the others’ job.

      What “job” does Bitcoin do that Ethereum can’t? And before you say “digital gold”, there are literal gold-backed stabletokens on Ethereum if that’s what suits your fancy.

      • iopq@lemmy.worldEnglish
        2·
        4 months ago

        A lot of bitcoin transactions are opening lightning channels so second layer is working there too

        • FaceDeer@fedia.io
          11·
          4 months ago

          The comment you’re responding to linked to a page giving statistics about the Lightning network. The number of channels peaked in 2022 and has been going down ever since then.