US Moves To Regulate the Crypto Industry’s Impact on Environment By CoinEdition

• Senator Edward J. Markey and Representative Jared Huffman have introduced a new act to regulate crypto firms.
• This legislation will require the EPA to do a comprehensive impact study of crypto mining activity in the US.
• The act has been introduced to monitor greenhouse gas emissions from crypto mining companies.

Senator Edward J. Markey and Representative Jared Huffman have brought forward the Crypto-Asset Environmental Transparency Act. This legislation would require the Environmental Protection Agency (EPA) to undertake a comprehensive impact study of crypto mining activity in the US. Additionally, it would also require the reporting of greenhouse gas emissions from crypto mining companies that consume more than 5 megawatts of power.

This move was made following the United Nation’s Intergovernmental Panel on Climate Change wherein members raised concerns about the soaring energy use of crypto mining companies. Regarding the act, Senator Markey said:

Big-money crypto mining companies are undermining decades of progress in our fight against climate change by putting profits over the promise of our clean energy future – jeopardizing the reliability and safety of our grid in the process and making it all the more likely for utilities to raise energy prices on working families.

Markey further explained that ensuring crypto mi …

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