- Senator Edward J. Markey and Representative Jared Huffman have introduced a new act to regulate crypto firms.
- This legislation will require the EPA to do a comprehensive impact study of crypto mining activity in the US.
- The act has been introduced to monitor greenhouse gas emissions from crypto mining companies.
Senator Edward J. Markey and Representative Jared Huffman have brought forward the Crypto-Asset Environmental Transparency Act. This legislation would require the Environmental Protection Agency (EPA) to undertake a comprehensive impact study of crypto mining activity in the US. Additionally, it would also require the reporting of greenhouse gas emissions from crypto mining companies that consume more than 5 megawatts of power.
This move was made following the United Nation’s Intergovernmental Panel on Climate Change wherein members raised concerns about the soaring energy use of crypto mining companies. Regarding the act, Senator Markey said:
Big-money crypto mining companies are undermining decades of progress in our fight against climate change by putting profits over the promise of our clean energy future – jeopardizing the reliability and safety of our grid in the process and making it all the more likely for utilities to raise energy prices on working families.
Markey further explained that ensuring crypto mining companies report their greenhouse gas emissions is a necessary step toward holding them accountable and protecting communities across the country that rely on the grid to heat their homes, cook their food, and go about their daily lives.
Rep. Huffman also added his comments on the matter: “Cryptomining facilities not only undermine our efforts to fight the climate crisis, but can also create pollution for nearby communities. Granting this industry impunity to inflict such environmental harm runs counter to numerous federal policies, and we need to understand the full harm this industry presents.
Notably, in the US alone, Bitcoin crypto-asset mining facilities use up to 1.4% of domestic electricity. This, according to reports, is nearly the same as the electricity needed to light every home in the nation. The industry also produces as much green house emissions as seven million gasoline-powered cars.
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