Bitcoin Token Frenzy Clogs Network, Sparks Debate – May 12

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$26,347

Bitcoin price has remained in the $26,000s over the last day of trading, as price loses its footing at recent highs.

Top-20 altcoins have responded better, however. Although Ether and BNB have fallen around 1% each, other tokens including XRP, Cardano and Solana have each seen small gains over the last 24 hours.

Top Stories for May 12, 2022 🔥

👉 Bitcoin Token Frenzy Clogs Network, Sparks Debate

The recent surge in BRC-20 tokens minted through the Ordinals protocol on the Bitcoin network has sparked a debate among developers on how to handle the situation.

While some are calling for more drastic steps to be taken to curb the on-chain frenzy, others argue that Bitcoin should maintain its status quo and let the market decide. The soaring fees resulting from the token minting have forced some African bitcoin users to seek alternative payment options, and Binance is integrating the “layer 2” scaling solution for Bitcoin known as Lightning Network.

Despite concerns that the tokens could threaten the smooth use of the Bitcoin network, no change will be made to the Bitcoin protocol or Bitcoin Core for now, meaning the minting is set to continue.

👉 US Chamber Of Commerce Backs Coinbase In Fight Against SEC

The US Chamber of Commerce has criticized the Securities and Exchange Commission (SEC) for its regulatory approach to the digital asset industry, filing an amicus brief in support of Coinbase. The exchange wants a court to force the SEC to respond to its “petition for rulemaking” filed last July.

The Chamber of Commerce accused the SEC of deliberately muddying the waters by claiming sweeping authority over digital assets while deploying a haphazard, enforcement-based approach, and argued the SEC’s actions are unlawful and conflict with firms’ right to fair notice.

👉 Finality Issue Briefly Occurs On Ethereum Beacon Chain, Cause Unknown

The Ethereum network experienced a temporary disruption to transaction finality, although it has since been restored. The root cause of the issue is not yet known, but developers are investigating the incident.

Validators experienced the issue, which resulted in a steep drop in the number of attestations received. The problem was resolved within half an hour, and client diversity is being cited as the reason why the disruption was not more widespread or long-lasting.