Mar 04, 2023
Markey and Huffman Reintroduce Crypto-Asset Transparency Act
The Crypto-Asset Environmental Transparency Act is set to be reintroduced in Congress by US Senator Edward Markey and Representative Jared Huffman. This move comes ahead of a Senate hearing on the environmental impact of crypto mining, which Markey will chair on March 7.
The bill, which was first introduced in December of the previous Congress, would require crypto mining companies to disclose emissions for operations that consume more than 5 megawatts of power. It would also assign the Environmental Protection Agency (EPA) administrator to lead an interagency investigation of the impact of crypto mining in the United States. This investigation would have a budget of $5 million and its findings would be published within 18 months of the bill’s passage.
Markey has listed 16 public organizations that support the bill, including the Sierra Club, Greenpeace USA, and the National Stop Crypto Coalition. He believes that crypto miners are taking too much power from public grids and emitting too much greenhouse gas for their own benefit.
The Senate Environment and Public Works Committee’s Subcommittee on Clean Air and Nuclear Safety will soon hold a meeting to address the growing environmental impacts of cryptomining. Markey, Huffman, and Senator Elizabeth Warren have all written letters to the EPA administrator and Energy Secretary Jennifer Granholm asking them to work together to address the lack of information regarding crypto mining’s energy use and environmental impact. They also signed a letter to the CEO of the Electric Reliability Council of Texas requesting information on crypto mining’s energy usage and environmental impact in Texas.
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The Crypto-Asset Environmental Transparency Act is a step in the right direction for the web3 space. It is important that businesses take the environmental impact of crypto mining into consideration when promoting and selling their NFTs. By working with an NFT marketing agency, businesses can ensure that they are doing their part to reduce their environmental impact while still maximizing the potential of their NFTs.Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.