Tough Time for Miners: NY Passes Moratorium; Riot Blockchain Sells More Bitcoin

Tough Time for Miners: NY Passes Moratorium; Riot Blockchain Sells More Bitcoin

Reuters

Switzerland revises liquidity rules for systemically important banks

BERLIN (Reuters) -The Swiss government on Friday announced new rules for the nation's five major banks, requiring that they boost their liquidity in order to better weather events such as the COVID-19 pandemic in future. "The revision is intended to ensure that systemically important banks (SIBs) hold sufficient liquidity to absorb liquidity shocks and cover their needs in the event of restructuring or liquidation," the Swiss Federal Council said in a statement announcing the adoption of the ordinance. One change is that banks deemed systemically important now have to hold enough liquidity to weather a 90-day liquidity crisis, instead of the 30-day threshold previously, the seven-member federal council said.

TechCrunch

New York Senate passes moratorium to ban carbon-based crypto mining

The New York Senate has passed a bill that bans crypto mining operations that use carbon-based fuel to power their facilities. The bill specifically is targeting proof-of-work mining, which is one of the two most popular mechanisms cryptocurrencies use to verify new transactions on the blockchain and make new tokens, but it uses a lot of energy to validate blockchain transactions. “Cryptocurrency mining operations running proof-of-work authentication methods to validate blockchain transactions are an expanding industry