Rostin Behnam, chair of the United States Commodity Futures Trading Commission, or CFTC, said the Ethereum blockchain’s transition to proof-of-stake may help reduce crypto’s energy usage, but hinted legislation would likely still be needed to address the problem.
Speaking at a Thursday hearing before the Senate Agriculture Committee, Behnam
The Ethereum Merge took place on Thursday, marking the blockchain’s transition from proof-of-work to proof-of-stake and effectively cutting the network’s energy consumption by an estimated 99.95%. The price of Ether (ETH) fell under $1,500 in the hours following the event, with Cointelegraph reporting many crypto-minted nonfungible tokens with a Merge theme.
