Thursday, September 21

US government to discuss impacts of cryptocurrencies

An important meeting to discuss the impacts of energy use spent by cryptocurrencies was scheduled in the United States (USA). Created in 1795, the US Committee on Energy and Commerce is a traditional institution linked to the US Congress.

During its history, this committee was responsible for deliberating matters related to trade, public health and even market interests of the main economy of the world today.

In more recent years, the creation of the Energy Subcommittee began to discuss the use of energy in commercial activities. That is, it is possible that this committee is keeping an eye on the arrival of miners in the country, after a troubled exit from China in 2021.

US Congressional Energy Subcommittee to Discuss Cryptocurrency Impacts

In its brief history of just 13 years, Bitcoin has experienced moments of pressure on numerous occasions. But one of the most recent moves to condemn this technology is in terms of its energy expenditure.

When detracting the digital currency, its critics do not compare the expense of technology with the traditional banking system, nor the energy use of issuing paper money around the world. It is worth remembering that Bitcoin is a global currency, which works in a decentralized way and without control of any country.

But this attack on Bitcoin’s energy consumption caused it to be banned for good by China in 2021. In Iran, mining is only authorized by the local government in periods when the energy supply is not interrupted for the population.

With this Bitcoin mining sector attracting the attention of countries, now it seems that the United States is starting to want to know the reality of this market. Scheduled for next Thursday (20), the Subcommittee on Oversight and Investigation of the Energy and Commerce Committee will hold a public hearing on the matter.

Called “Cleaning up Cryptocurrency”, this audience wants to know the energy impacts of blockchains, with the justification that they can cause environmental problems.

“The Energy and Commerce Committee’s Subcommittee on Oversight and Investigations will hold a hybrid hearing that includes in-person and remote attendance on Thursday, January 20, 2022 at 10:30 am. The hearing is titled “Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains”.

It is not yet clear who will participate in this court hearing public, but the US mining community is already struggling to remain transparent about the matter.

Bitcoin Mining Board and Stock Exchange Listing

With the growth of US mining companies after the ban in China, the local sector itself organized to create a Mining Council, which was even overseen by billionaires Michael Saylor and Elon Musk in 2021.

In addition, many of these companies are already listed on the US stock exchange. In other words, a ban like the one done in China will hardly happen in the USA, since the sector has already united and consolidated itself more and more, unlike the companies that operated in the Asian country.

Even so, it is possible that from this public hearing more policies against cryptocurrency mining in the United States will be made, a country that has already considered imposing tough rules on the sector.