9 months ago
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According to a recent report by Fox journalist Eleanor Terret, House Majority Whip Tom Emmer has accused the Biden administration of abusing its power to “unfairly” target Bitcoin (BTC) miners within the cryptocurrency industry.
Emmer’s concerns stem from the approval of an emergency request by the Office of Management and Budget (OMB) for 82 Bitcoin mining firms to share proprietary information on their energy consumption. The Energy Department’s analytical agency, the Energy Information Administration (EIA), made the request.
Bitcoin Mining Faces Congressional Backlash
Per the report, Tom Emmer, a Minnesota Republican dubbed the “Crypto King of Congress,” has written a letter to the OMB demanding answers regarding the agency’s approval and potential overreach.
Emmer questions the use of the term “emergency” in the request and argues that the EIA has not provided sufficient evidence to prove that Bitcoin mining threatens public safety.
Emmer’s letter also raises concerns about bypassing standard protocols under the Paperwork Reduction Act, which requires federal agencies to seek public comment on proposed information collection.
It is worth noting that mining involves using energy-intensive servers to power the Bitcoin network. However, the report also points out that environmentalists have criticized the energy consumption associated with mining due to its alleged negative environmental impact.
The EIA aims to analyze the energy impact of crypto mining in the United States using the information gathered in the survey.
Furthermore, the report highlights that Bitcoin mining companies that fail to comply with the information request may face criminal and civil penalties, including fines of up to $10,000 per day.
In light of these enforcement actions against the mining industry, Emmer argues that forcing miners to share proprietary information or face penalties is problematic, and he accuses OMB of abusing its emergency powers.
Emmer Warns Of Anti-Energy And Anti-Crypto Narratives
In recent years, the Biden administration’s approach to crypto regulation has been criticized by industry participants and advocates, including Emmer and other GOP colleagues on the House Financial Services Committee.
According to Eleanor Terret’s reporting on the situation, Emmer believes the administration will use the information gathered from the miners to further its anti-energy and anti-crypto narratives.
The debate over the environmental impact of BTC mining has become a prominent issue in discussions around energy conservation in the United States. While critics argue that mining contributes to carbon emissions, proponents contend it can be done using clean energy sources.
Emmer’s allegations highlight ongoing tensions between the Biden administration and the crypto industry, with concerns over power abuse, environmental impact, and excessive regulatory measures. The outcome of this debate will likely have significant implications for the future of Bitcoin mining and crypto regulation in the United States.
As of this writing, the largest cryptocurrency on the market is trading at $51,585, up a slight 1.1% in the past 24 hours. However, over the past 30 days, BTC has seen a significant rise of 31%, demonstrating the bullish sentiment in the market.
Featured image from Shutterstock, chart from TradingView.com
