MarketsUS Republicans support cryptocurrency mining

US Republicans support cryptocurrency mining

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Republican lawmakers in the United States are trying to push for any hasty decisions by the Environmental Protection Agency to address possible damage from cryptocurrency companies, and urging regulators to look into the allegations before taking any action against them. the sector.

Republicans support cryptocurrency mining

More than a dozen Republicans in the Senate Banking Committee and the House Financial Services Committee signed a letter last week to the head of the Environmental Protection Agency. Michael Reagan His goal is to address a similar message from Democrats sent in April.

While the Democrats including the representative of the USA Jared Hoffman (D-Calif.), Who chairs a subcommittee on the Natural Resources Committee, has warned of climate risks and called for more scrutiny. Republicans also voiced more support for the industry.

Also read that US lawmakers are proposing a bill to create digital dollars

Environmental regulators should seek “a comprehensive analysis as it relates to understanding the potential environmental impact of digital asset extraction,” according to the letter, which was signed by the senator. Cynthia Lumisone of the authors of the new legislation on the regulation of cryptography and batteryK McHenry The prominent Republican in the financial services sector, along with three other members of the Senate and nine members of Congress.

They insisted that the US government should do nothing to disrupt the US leadership in this area. After all, both sides call on the Environmental Protection Agency to carefully consider the importance of mining, even though their goals are far apart.

The Republican letter notes that “a significant portion of the energy use of extractive digital assets depends on renewable sources.” and that many mining operations use other energy sources, such as gas, which may not be used otherwise.

This is a blow to Democrats, who argue that the government should note that proven mining technology is likely to have a “lower energy demand rate.” 99.99% ”For transaction validation.

READ ALSO US lawmakers push Bitcoin miners for energy use, carbon emissions, climate crisis

Source: Crypto Arabia

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