If Mozilla’s more welcoming policy is emulated, and one hopes it is, it offers stablecoin issuers a window. But this window comes at a price. If stablecoins are ever going to compete in a meaningful way with the card networks, they need to dissociate themselves from proof-of-work. That may mean avoiding expansion to proof-of-work blockchains. At the worst, it means helplessly waiting while the proof-of-work chains on which they already exist, like Ethereum, switch over to less energy intensive security methods.
U.S. President Biden Vetoes Resolution Overturning SEC Guidance
Earlier Friday, Sen. Ron Wyden (D-Ore.), a member of Biden's party who voted for the resolution, said the guidance creates...