What SEC Chairman Gary Gensler Said About Crypto To Congress

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2021-11-24 18:43:13

Solana’s Market Updates and Crashes

Yesterday, Bitcoin price returned to around $47,000, a slight increase from the previous day. Altcoins also rose slightly. The SOL, which has grown for many days, has reached the level of 158 USD.

However, as shared by Solana Status, Solana Mainnet Beta experienced a massive increase in transactions, leading to transaction overload, peaking at 400,000 TPS (transactions/second). This increase can be attributed to the Grape Protocol token sale.

The number of incidents caused the Solana network to freeze for 15 hours. Transactions flooded and waited to be processed and the lack of prioritization on the network resulted in the network starting to fork. This split leads to excessive memory consumption, causing some nodes to go offline. Although engineers across the Solana ecosystem have tried to stabilize the network, without success.

To solve the above problem, the programming community accepts network reboots, new releases, and instructions posted in the Discord forums. To date, Solana has completed a successful Mainnet Beta reboot after upgrading to 1.6.25. Dapps, block explorers and support systems and full functionality have been restored.

This is not the first time Solana has had problems, last week had the same problem and last December had it too. With the ability to process up to 400,000 transactions per second but the system is still overloaded, it can be seen that the interest in using the Solana network is huge.

Solana’s version of Mainet is still young so bugs are inevitable. In order to achieve great processing speed, Solana also had to sacrifice decentralization, the security of the network, or the low fees that made the network more vulnerable to attacks. However, in the development, these errors will be overcome and gradually improved.

Other networks have crashed recently, like Cardano. Or networks that have been around for many years and have had such tough initial times. But how Solana’s community reacts will greatly affect the future development of the network.

The SEC’s position in the hearing

The SEC’s recent hearing with the US Congress took place. However, the main content discussed is related to the SEC’s requirements related to speed and gender harmonization. Or issues related to climate and diversity.

Some of the crypto points mentioned still revolve around familiar issues of crypto legislation.

Senator Pat Toomey, a Pennsylvania Republican who advocates for crypto markets urged SEC Chairman Gensler early in his hearing on whether stablecoins meet the definition of a security for the sake of investors. do not necessarily expect those assets to yield returns.

Mr. Pat Toomey also asked if the SEC would facilitate the development of the technology market. At the same time, he criticized the SEC’s abuse of power in deciding which coins are securities without giving specific reasons or laws to businesses. Or actions that sue crypto companies and are alleged to be securities with no specific explanation.

The above, MP Pat Toomey said, is not fair and when businesses and exchanges want to discuss, they are not given information or based on any specific law.

Cryptocurrency naysayers like Sen. Elizabeth Warren said last week’s crypto price drop and subsequent setbacks show the need for the SEC to regulate crypto exchanges. death.

She also mentioned BTC’s over $10,000 bearish correction last week. Retail investors lose money when prices fall, she said. At the same time need to sell and withdraw, but cryptocurrency exchanges like Coinbase temporarily stopped working due to overload and no one’s protection. Or when investors approach via Defi, NFT fees are too high, there is no specific extra calculation to protect investors.

The SEC chairman also mentioned during the hearing and said that stablecoins are securities but did not give a specific explanation. And Coinbase exchange is included as a specific example for the bad points. There are some tokens on Coinbase that could be securities, he said, but the exchange is not registered with the SEC.

This hearing may be due to complaints about transaction fees or current questions about crypto. These issues are pushed to the SEC. However, the chairman of the SEC has said that the SEC is the regulator of the stock market and a place of law enforcement. To have a specific and clear law, Congress needs to consider and make it, but the SEC does not have that power.

In a separate meeting, Fidelity Investments urged the SEC to approve its Bitcoin exchange-traded fund, listing the merits of an idea the regulator has been slow to accept.

The company Fidelity also gave the reason that the demand for investing in crypto by customers with crypto is increasing. And the Bitcoin ETF is already active in other countries.

It can be seen that the SEC is under pressure from all sides, both Congress and companies, investment businesses, and crypto companies. There is no specific law, so the SEC has chosen to focus on its powers and need new legislation from Congress. The crypto market is largely unaffected by this hearing.

Some other information:

  • Ukraine has legalized BTC. The country has clear laws on crypto as well as BTC will also have government protection and apply related laws such as trading, paying taxes. Many sources predict that Ukraine is likely to become the next country to adopt Bitcoin as legal tender.

  • The Lao government allows cryptocurrency trading and mining and ends a three-year ban. There are six businesses in the country that have been allowed to experiment with mining and selling cryptocurrencies such as Bitcoin, Ethereum and Litecoin in the country while the relevant ministries are drafting legislation to control its use.

  • The Governor of the Central Bank of Sweden says that Bitcoin could crash and is not ‘a good safeguard of value’. Until now, Bitcoin has really scared the governments or central banks so they still don’t like BTC or crypto.

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