Crypto Custody Proposal takes center stage in this episode of the Real World Blockchain Podcast, as Gauthier Lamothe, Zoe Braiterman, and Niles Lee-Smith explore the most pressing issues in blockchain and cryptocurrency. From Ethereum’s gas model overhaul to the ongoing legal challenges in the crypto space, the hosts break down the latest developments and offer their perspectives on what these changes mean for the future.
Ethereum Gas Model Overhaul
Vitalik Buterin has proposed a new Ethereum gas model overhaul, which aims to improve efficiency and reduce transaction costs. This overhaul introduces a third option for call data, addressing Ethereum’s scalability issues. As Ethereum continues to mature, this proposal could provide a much-needed solution to enhance user experience and ensure the network’s continued relevance.
Crypto Custody Proposal
The SEC’s proposed regulations on cryptocurrency custody have stirred significant debate. While some argue the proposal could stifle investment banks’ involvement in crypto custody services, others believe it is necessary to maintain decentralized control. The growing bipartisan pushback from Congress shows that crypto custody is now a key issue in U.S. politics, raising questions about how crypto will be regulated in the future.
Legal Issues Surrounding Tornado Cash
Tornado Cash, a crypto mixing service, has been under intense legal scrutiny. In August 2023, a Texas judge validated sanctions from the U.S. Treasury Department, which blacklisted Tornado Cash. Members of the Tornado Cash team now face serious legal consequences. The case raises important ethical questions around privacy and the regulatory landscape of the crypto industry.
MIT Students and Ethereum Exploits
Two MIT students have been charged with exploiting Ethereum vulnerabilities to steal $25 million in crypto. The case highlights the fine line between exploiting code for personal gain and ethical hacking. As the crypto space evolves, legal and ethical questions like these will become increasingly important in shaping the future of blockchain technology.
BlockFi Recovery Update
In a rare instance of recovery in the crypto world, BlockFi is now sending out payments to users who were affected by the company’s bankruptcy. This positive development brings hope that some crypto finance systems can still work in favor of users, despite the turbulent history of the industry.
Conclusion
This episode of the Real World Blockchain Podcast explores the complex landscape of blockchain and cryptocurrency, touching on critical topics like gas model overhauls, crypto custody regulations, legal challenges, and recovery efforts. As the industry matures, it will continue to face technical, legal, and ethical dilemmas, but with innovations like Web3 Enablers and new regulatory developments, the future of blockchain remains promising.
