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The mayor equated Bitcoin’s doubters with his city’s skeptics, who liked to needle him about climate change by pointing out that streets flooded even on sunny days. Army Corps of Engineers had released a report calling for a massive, twenty-foot-high seawall across Biscayne Bay, blocking the ocean views of the city’s financial district. The changes being worked on boil down to making Ethereum process transactions faster so it can grow into the type of network needed for a global reach. The first change is doing away with the proof-of-work system that’s used by Ethereum miners to confirm the latest transactions on the blockchain. The computer power needed uses an enormous amount of energy, and Vitalik and others in the Ethereum community have long wanted to get away from this environmental block mark. Episodes like the DAO attacks should, on the one hand, terrify regulators due tot he "unstoppable" nature of an application running with a software bug that can’t be fixed.
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This de facto ban on using private, non-hosted wallets matches a proposal made by outgoing U.S. Treasury Secretary Steven Mnuchin in December 2020, and resurrected by Sen. Elizabeth Warren, D-Mass., on March 8 to require exchanges and other virtual asset service providers, or VASPs,  to collect and report and transactions with privately hosted wallets. In a comment that encompassed both Russian sanction-busting and the staggeringly high energy requirements of bitcoin, Panetta called for a "less tolerant approach" towards bitcoin and other cryptocurrencies, CoinDesk reported. The BIS chief, like many members of the mainstream banking establishment, has a history of anti-crypto views.