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The congressional oversight \u2014 which comes after Democrats in states like New York also proposed clamping down \u2014 is expected to intensify now that the U.S. is home to more crypto mining capacity than any other country, following a crackdown in China. With crypto mining now a multibillion-dollar business, the industry is fighting to make the case that lawmakers shouldn\u2019t stand in the way of an economic boom.<\/p>\n
\u201cIt\u2019s not up to the government to decide if Bitcoin is important to the country\u2019s future \u2014 that\u2019s the market,\u201d said Bitfury CEO Brian Brooks, who served as a top Trump bank regulator before taking the helm of the crypto mining company. \u201cThe market has spoken.\u201d<\/p>\n
Deciding how to address Bitcoin\u2019s environmental fallout is the latest policy conundrum that lawmakers and regulators face with the crypto market now worth $2 trillion. While much of the focus in Washington has been on protecting consumers from financial risks, crypto mining is spilling over into the broader debate around tackling climate change.<\/p>\n
The House Energy and Commerce Committee will have industry leaders testify at a hearing Thursday. Democrats are expected to press the executives to adopt sustainable practices, while Republicans are planning to frame mining as something the U.S. should nurture as a competitive advantage.<\/p>\n
Lawmakers have only begun to explore what tools they have to address Bitcoin\u2019s environmental fallout, including potential EPA regulations and state-level restrictions on power generators. For now, they\u2019ll have to rely on political pressure to force changes, similar to how Tesla CEO Elon Musk rocked the Bitcoin market last year after he said the company would not accept the digital currency because of its fossil fuel demands.<\/p>\n
“The extraordinarily high energy usage and carbon emissions associated with Bitcoin mining could undo much of our work to tackle the climate crisis — not to mention the harmful impacts cryptomining has on local environments and electricity prices,” Warren said in a statement. “It is time for Congress and federal regulators to step up and address the serious risks that crypto poses to our economy and our environment.\u201d<\/p>\n