Congress announces hearing on crypto's energy use and environmental impact

advertisement

Congress is officially looking into the environmental impact of blockchain, especially proof-of-work networks like Bitcoin. 

On January 13, the House Energy and Commerce Oversight Subcommittee publicized a hearing entitled "Cleaning up cryptocurrency: The energy impact of blockchains" for January 20, confirming The Block's reporting from last week. 

No witness list is yet available, and staffers for the subcommittee did not respond to The Block's request for further details.

The hearing follows on growing concern over the rise of the crypto mining in the U.S., which has become the largest source of Bitcoin's hash rate over the past year. 

The Oversight Committee is, broadly speaking, not a place that an industry wants to end up, as its mandate focuses on reining in problematic activity. However, the state of gridlock in both chambers of Congress — coupled by an approaching election season — complicates the idea of passing legislation between now and the next congressional term. 

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC
More