Wednesday, November 30, 2022

The White House Awaits Public Comments On Crypto’s Energy Use

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The White House awaits public comments on crypto’s energy use and its environmental impact and the Office of Science and Technology Policy will craft a report that will examine where crypto fits in the climate goals of the country as we are reading more in today’s latest cryptocurrency news.

The White House awaits public comments on crypto’s impact on energy use and the climate. In the executive order on crypto issued a month ago, President Joe Biden tasked the White House’s Office of Science and TEchnology policy with a report on the potential for digital assets to impede or to advance efforts to tackle climate change and transition to a clean, reliable electricity grid.

The energy impact of crypto and energy-intensive proof of work mining became a flashpoint in recent years as lawmakers around the world brought up new proposals to ban PoW mining due to environmental concerns. The industry proponents pushed back against the concerns and claimed that the data used for crypto energy usage projections some of which claim PoW mining uses more energy than some industrialized nations every year is unreliable or irrelevant.

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Crypto and blockchain technology are also proffered as potential solutions to environmental challenges like carbon account and reducing emissions from gas flaring. The OSTP upcomign report represents an attempt to get to the bottom of crypto’s environmental impact and the interested parties have until May 9 to share their opinion with the White House.

President Biden finally signed the crypto executive order on Ensuring Responsible Development of Digital Assets which is a first-of-its-kind order and approach to regulating the crypto industry with goals to target various issues within the crypto space like consumer protection, financial inclusion, and illicit finance.

Today’s executive order doesn’t introduce new regulations or provide regulatory agencies with the administration’s position on what regulations ought to adopt. The order asks for federal agencies like the Federal Trade Commission, the SEC, and the CfTC to coordinate their efforts with respect to the oversight of the crypto industry and calls for the Treasury Department to produce reports on the future of money and payment systems. President Biden’s crypto executive order is broken down into 10 sections objectives, policy, central bank digital currencies, coordination, financial stability, international cooperations, and general provisions.

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