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Former US senator Toomey sees no path for crypto legislation; Venezuela prison raid reveals Bitcoin miners

Former US senator Toomey sees no path for crypto legislation; Venezuela prison raid reveals Bitcoin miners
Former Republican senator from Pennsylvania Pat Toomey tried to get a crypto bill through Congress. Credit: Michael Brochstein/SOPA Images/Shutterstock

Happy Saturday!

A former US senator said that he sees no pathway for the passage of crypto legislation through the Senate, at least in the present Congress. Binance and its CEO filed to dismiss a Securities and Exchange Commission lawsuit against them, NFT artists are seeking alternative markets to OpenSea, and Venezuelan authorities found Bitcoin miners hidden away during a raid on a prison. Read on!

Ex-senator says crypto bills doomed

Former US senator Pat Toomey, who failed in an attempt to get crypto legislation through Congress before leaving earlier this year, told a Georgetown law seminar: “I don’t see a path forward in the Senate, regardless of how the vote goes in the House,” CoinDesk reported.

While the House Financial Services Committee has advanced several crypto bills, Toomey, now a member of Coinbase’s global advisory council, said it probably won’t matter even if the full House approves them. He said there may be a better chance “to get something done” in the next Congress, after elections.

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Binance, Zhao dispute SEC lawsuit

Binance and CEO Changpeng Zhao are seeking the dismissal of a lawsuit brought against them by the US Securities and Exchange Commission, claiming the agency exceeded its authority, Bloomberg reported.

In a 60-page filing, they argued that the SEC was trying to impose penalties before providing guidance on cryptocurrencies, the report said.

NFT creators seek alternative markets

Since OpenSea made creator royalties optional on Aug. 31, many NFT artists have begun seeking alternatives to sell their work, Forkast News reported.

Indonesia-based graphic designer Tommy Chandra said: “Exploring different secondary marketplaces like LooksRare, Blur, and Rarible can indeed be a viable alternative strategy. Diversifying your presence across various platforms ensures that you’re not overly dependent on a single marketplace.”

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Core Scientific, Bitmain reach agreement

Bankrupt Bitcoin miner Core Scientific said it reached an agreement with mining server manufacturer Bitmain on a “combination of equity and cash to finance the purchase of new and more efficient Bitcoin mining equipment,” Cryptonews reported.

Bitmain will supply the mining company 27,000 Bitmain S19J XP 151 TH mining servers for $23 million and $54 million worth of Core Scientific stock, the value of which will be decided later this year in bankruptcy court, a news release said.

Venezuelan prison concealed Bitcoin miners

Venezuelan authorities said they had retaken Tocorón prison, long controlled by the Tren de Aragua gang, where they discovered a hidden Bitcoin mining operation, Bitcoinist reported.

The mining facility, hidden behind prison walls, housed numerous Bitcoin machines, though the source of electricity for such an operation in a country often plagued by blackouts was a mystery, the report said.

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