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Elizabeth Warren wants crypto miners to disclose energy usage and has called on relevant authorities for enforcement.
Massachusetts Senator Elizabeth Warren recently implored crypto miners to ensure increased transparency regarding energy use and transmissions. In a Sunday tweet, the pro-digital assets American politician called on relevant authorities to effectively see to the implementation of her clarion call. According to Warren, the Environmental Protection Agency (EPA) and the Department of Energy (DOE) have the oversight to require greater transparency from these crypto miners. “It’s now time for [the EPA and DOE] to use [such regulatory powers]”, she adds.
The EPA and DOE confirmed they had the “clear authority to require emissions and energy-use disclosures” from crypto miners.
Elizabeth Warren’ Energy Transparency’ Call Seeks to Assess the Impact of Crypto Mining on the Environment
Warren’s advocacy for improved accountability from crypto mining platforms serves to determine how “crypto mining is impacting our climate and electrical grid.” The legislator’s tweet arrives amid growing pressure on the digital currency industry to address the environmental impact of mining. Furthermore, the Democratic senator’s latest overtures add to ongoing efforts to revolutionize the crypto space as it becomes more mainstream.
Other Democratic lawmakers have also lobbied the EPA and DOE to require crypto miners to report their energy consumption and greenhouse gas emissions. According to these ‘progressive’ lawmakers, such power usage disclosures would allow regulators to monitor better and assess crypto mine pollution. This activity has been a concern, mainly because of the significant amount of energy required to facilitate transactions and maintain the blockchain. As it stands, mining has drawn widespread criticism for its perceived contribution to global warming and increased carbon footprint. In addition, the lack of data on environmental impact makes it difficult to ascertain how much damage or degradation is wrought by crypto mining.
The latest move by the Democratic senators follows the failure of leading US mining companies to answer the Democrats’ questions adequately. As a result, the debate surrounding the environmental impact of crypto mining could likely intensify in the coming months. This increased debate is potentially so due to mounting attention paid to this global issue by politicians and regulatory bodies.
Digital Asset Anti-Money Laundering Act
Before her caution on energy transparency, Elizabeth Warren had long been an outspoken voice for crypto regulation in all business spheres. The former law professor is widely known for her controversial crypto bill, the Digital Asset Anti-Money Laundering Act.
Last December, Warren, and Kansas Republican Senator Roger Marshall introduced the new crypto regulation, a bill considered stringent and unlawful by the industry. In addition to other points, the Digital Asset Anti-Money Laundering Act looks to clamp down on money laundering and terrorist financing using crypto.
If passed as law, the bill will introduce know-your-customer (KYC) requirements to crypto participants in the US. These participants include blockchain-providing establishments, wallet providers and miners, and software developers for decentralized networks.
Warren and Marshall’s bill would also allow the implementation of a proposed rule by the Financial Crimes Enforcement Network (FinCEN). This rule requires institutions to report certain transactions involving wallets where the user wields complete control over the contents instead of relying on third parties.