Proposal to make Bitcoin Mining Regulated
Washington D.C. — Earlier this week the vice president of the Financial Integrity Network, David Murray, testified before congress in regards to Bitcoin mining. Part of the prepared statement included “At minimum, virtual asset transaction validators should be required to govern participation in their validation systems, with well-designed programs for vetting the issuers, exchangers, and custodians that they serve.”
In essence, this would require all Bitcoin mining pools to identify all miners in their network, a nearly-impossible task. Furthermore it would be introducing a permissioned initiative into what is the largest permissionless computing network in the world. This testimony is political posturing as this would be impossible to implement, let alone enforce.