The government in the United States has recently begun to take concrete steps to bring the crypto industry into a regulatory framework. President Joe Biden recently signed an order in which several government agencies were tasked with putting digital assets under a magnifying glass. It doesn’t stop there, because the White House is now asking the American population for their opinion about the energy consumption of the crypto industry, which remains a thorn in the side for many opponents of crypto.
Proof-of-work cryptos
The American Office of Science and Technology Policy (OSTP), an executive agency directly under the president, has recently begun a comprehensive investigation into the implications of the crypto industry’s energy consumption.
Part of this research is the opinion of the American public on the matter. For that reason become US Citizens Invited for their views on the energy consumption of the crypto industry. The OSTP research should clarify once and for all the factors within the crypto ecosystem that can positively or negatively contribute to climate change.
“In particular, this Right to Information (RFI) seeks comments on the protocols, hardware, resources, economics and other factors shaping the energy use and climate impacts of all types of digital assets.”
It’s no secret that certain cryptocurrencies use a huge amount of power to function. These are mainly the proof of work cryptos. These are cryptocurrencies where the network is secured by minerssuch as for example the Bitcoin (BTC) network and, at least for a few more months, the Ethereum (ETH) network.
US regulation
Fortunately for crypto investors around the world, the US government doesn’t seem to want to ban the crypto industry. Democrats and Republicans alike seem to see the benefits of the emerging world of crypto. The Finance Minister, Yanet Yellen, was previously known for her anti-crypto stances, but she too admits now that crypto can provide major benefits within the financial system in the future.