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- Chicago is establishing itself as a global leader in blockchain and cryptocurrency
- People in the city, according to David Carman, have grown to appreciate digital assets
- One of the country’s largest crypto mining facilities is located in Chicago
Chicago is establishing itself as a global leader in blockchain and cryptocurrency. The region already has a bitcoin ATM and a crypto mining operation, and it wants to add a lot more to the mix. Chicago Is Developing Into a True Crypto Hub David Carman is a fintech consultant and member of the board of Global DCA, a Chicago-based crypto industry association. People in the city, he says, have grown to love digital assets over time, and the market is really starting to flourish there. He claims that the market itself is the true expert and final arbiter of what is going on. People can make whatever judgments they want about bitcoin, but with a market cap of over a trillion dollars, this is far beyond proof of concept.
Chicago Is Developing Into a True Crypto Hub
David Carman is a fintech consultant and member of the board of Global DCA, a Chicago-based crypto industry association. People in the city, he says, have grown to love digital assets over time, and the market is really starting to flourish there. He claims that the market itself is the true expert and final arbiter of what is going on. People can make whatever judgments they want about bitcoin, but with a market cap of over $1 trillion, this is far beyond proof of concept.
Now, it appears that regulators in Chicago and Illinois are considering passing a new bill that would create a special purpose depository trust for crypto assets. To offer digital assets to their customers, banks would have to follow certain rules. Even more so if they’re going to be custodians. The bill has already passed the Illinois House of Representatives and is expected to be taken up by the Senate by the end of the summer. If the bill passes, Illinois will join Wyoming as the second state to allow trusts to hold cryptocurrency. The move is expected to draw a lot of attention to Chicago and encourage a number of financial institutions interested in digital assets and blockchain to open offices there.
In an interview, representative Margaret Croke of Chicago explained: It’s not just about the charter itself; it’s also about sending a signal to businesses dealing in this space that we’re going to create a stable regulatory environment. This is the one time when we have a chance to beat New York in financial services or a new industry.
One of the country’s largest crypto mining facilities is located in Chicago. Sangha Systems owns the company, which was originally based in New York before deciding to relocate to Illinois in late 2019. Sangha has listened to all of the recent debates about bitcoin mining and the environment, and has built this new facility entirely out of solar panels to allay some of the critics’ concerns about the environment.
Resolving Environmental Issues
It is undeniable that cryptocurrency mining consumes an enormous amount of electricity. Mining’s demand for electricity, in my opinion, is effectively a subsidy for the expansion of renewable energy supply.
The site is a former steel mill with an area of about 873 acres. The mill, which covered about 1.35 million square feet, first closed its doors about 12 years ago, just as bitcoin was making its way onto the financial scene.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
