Earlier this week, the CFTC held a hearing on crypto, arguing that they should oversee uses of Bitcoin as a commodity etc. And today this happened out of Europe:
Crypto companies will have to disclose just how much climate damage is tied to the tokens they’re hawking. At least in Europe, that is.
Late Thursday, the European Parliament and EU states nailed down an agreement to regulate cryptocurrencies, including a requirement that crypto companies selling tokens on the continent disclose their environmental impact.
Alright, I guess most tokens on Ethereum, Binance Smart Chain, Polygon or other Layer1s will simply hyperlink to whatever data is published about those blockchains at the moment. This is what Polygon says:
Oh, apparently paying money to buy carbon credits makes you carbon-negative, LOL. Actually, it’s not a bad idea. It’s sort of like indulgences for Catholics in the middle ages.
But I’m kidding, of course. Putting in money to sequester carbon is a good idea, especially if it involved reforestation, improving coral reefs, kelp forests and algae. I remember reading about Nori and IBM’s initiatives.
What’s in Crypto’s Future
You know what would be really cool, though? Moving beyond blockchains rather than just beyond proof-of-work, so crypto can actually scale and power many useful applications: