Cryptocurrency Miners Need 'Scrutiny,' Senators Told

By Elise Hansen (July 27, 2021, 4:51 PM EDT) -- Cryptocurrency miners act as an intermediary of sorts in the digital asset ecosystem, raising questions about what forms of scrutiny or regulation should apply, senators on the Committee on Banking, Housing and Urban Affairs heard Tuesday.

In the hearing, titled "Cryptocurrencies: What are they good for?", senators were told about potential use cases for cryptocurrencies and blockchain technology as well as potential pitfalls, from systemic risks to the relative obscurity of a key group of cryptocurrency players: miners.

Cryptocurrency "mining" refers to the process of using computers to solve complex computational problems in order to verify transactions and have them recorded...

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