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SEC says it will deregulate cryptocurrencies with 'Project Crypto' (qz.com)
submitted 1 year ago by to c/technology@lemmy.world
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In a Thursday speech, U.S. Securities and Exchange Commission (SEC) chairman Paul S. Atkins announced “Project Crypto,” an initiative to modernize the country’s securities rules and regulations to move financial markets on-chain.

“Under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant,” he said at an America First Policy Institute event in Washington D.C. His plan includes measures to reshore crypto businesses that have left the country and to ensure that “archaic rules and regulations do not smother innovation and entrepreneurship in America.”

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[–] 1 point 1 year ago* (2 children)

No it hasn't. Again, according to that link I provided, the total capacity of Lightning peaked in December 2024. These are not the graphs of a growing layer 2, it's been stagnant for many years.

Bitcoin simply wasn't designed for this sort of application, and Bitcoin's foundation layer is absolutely frozen due to the ideology of its users and developers so I don't expect the situation will improve. If you want to do a layer 2 then why not use a blockchain that's specifically designed to support it? If you use Ethereum you can even use token-wrapped Bitcoin as your medium of exchange. There's $14.4 billion dollars worth of WBTC on Ethereum available for exchange, as opposed to the $440 million worth in Lightning channels.

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  • [–] 1 point 1 year ago (1 child)

    If bitcoin is worth more, you need to move fewer bitcoins to achieve the same result. If there USD value moved in lightning never increases then I would agree it's a failure

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  • [–] 1 point 1 year ago

    I was specifically speaking in USD terms, take a look at the page I linked above. It has graphs with both USD and Bitcoin on them. In Bitcoin terms Lightning's capacity peaked in early 2023. In dollar terms it was December 2024. The line is squiggly and has a general long-term upward trend overall on the net dollar capacity, but it really doesn't look very impressive compared to Ethereum's layer-2 architecture. And that's the only line where I see a long-term rise, the rest have been stagnant or declining for years.

    I stand by my overall view that Bitcoin's technology is simply obsolete. It doesn't do anything, it just sits there being valuable because it's valuable. I don't think that's going to endure forever.

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