Hoskinson disagrees with the recommendations of a recent White House Office of Science and Technology Policy report that urges the US Department of Energy (DoE) and the US Environmental Protection Agency (EPA) to collaborate to create standards for the environmentally responsible design of digital assets based on evidence, warning that the proposals could lead to an outright ban of Bitcoin.

The EPA and DoE will start communicating with crypto companies to request that they change how their cryptocurrencies work.

They should include “Standards for extremely low energy intensities, low noise generation, low water consumption, clean energy usage by operators, and standards that strengthen over time for a further carbon-free generation to meet and surpass increasing electricity demands of their facilities.”

The government should investigate administrative steps, and Congress may consider legislation prohibiting or banning the use of high energy intensity consensus mechanisms for crypto-asset mining should these measures prove ineffectual at mitigating effects.

President Joe Biden’s Presidential Order on Bitcoin

The presidential order, issued by President Joe Biden in March and asking for “responsible digital asset innovation,” prompted the report.

According to Hoskinson, the US government can use many strategies to accomplish its goals, which might be bad news for crypto assets that rely on proof-of-work, especially Bitcoin.

The White House is essentially hiding a report that no one will ever see or read on page seven, saying, “Hey Mia, great stuff you got there with proof of work but, you know, global warming is bad. Therefore, we should ban it. And we’ll create standards that you can’t comply with by asking the EPA and DoE to intervene and implement a soft ban. And then, when you can’t, make an executive order or piece of legislation to stop you from doing it. Or obliterate your profit margins to render the American mining industry unprofitable.”

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Dogecoin was mentioned 20 times in a recent paper titled “Crypto Assets And Climate” released by the White House Office of Science and Technology Policy, implying that authorities are well aware of the meme coin.

It is nevertheless admirable that Dogecoin is acknowledged as one of the top mining cryptocurrency assets with the largest market capitalization, even though the paper was published to reduce the environmental effect of cryptocurrency mining.

An excerpt from the paper states that in 2021, the United States’ electricity generation for mining the three cryptocurrencies with the largest market capitalizations—Bitcoin, Ethereum, and Dogecoin—generated greenhouse gases at a rate of about 15 Mt CO2/year.

Dogecoin is on the Rise Thanks to Elon Musk

The fact that Dogecoin is referenced in the White House Office of Science and Technology Policy is not surprising. Since last year, when Elon Musk, the CEO of Tesla, openly expressed his support for the meme coin, its popularity has soared.

The American billionaire has offered support for Dogecoin payments across his companies, providing investors with the confidence they need to start using the coin. Top government officials could not overlook Dogecoin due to these moves, which helped bring it to prominence.

Recall that on May 8, 2021, Dogecoin’s price rose to a record high of $0.73 due to the extensive endorsement the cryptocurrency received from influential business figures like Elon Musk and Mark Cuban.

Despite losing more than 90% of its value, Dogecoin still maintains a vibrant online community on various social media sites.

Vladimir Tenev, CEO of Robinhood, believes DOGE may still become the dominant cryptocurrency on the internet if the right mechanism is implemented, despite the meme-based cryptocurrency’s steep decline.

The price of DOGE is now $0.063 on major cryptocurrency exchanges.

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The fact sheet that leaked out earlier described the executive order as “outlining the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.”

The executive order on the crypto ecosystem addresses important issues, such as strategy to protect consumers, stability of the financial system, national security, and climate risks.

Aside from the aforementioned, the White House also outlined its plan for assessing the implementation of a central bank digital currency (CBDC) and cracking down on illegal activity.

The order is described as fair, despite early fears of an impending crackdown on the crypto industry in the country.

The order underscores an all-of-government approach, demanding new work from the Treasury, Financial Stability Oversight Council, Federal Reserve, and national security agencies on important portions of the crypto industry.

The order also emphasizes that the Administration will continue to work with agencies and Congress to establish policies that encourage responsible innovation. It also promises to support technological advances in digital assets.

Janet Yellen Says Biden’s Executive Order Supports ‘Responsible Innovation’

It was earlier reported that a statement from Janet Yellen, the United States Treasury Secretary, revealed that Biden’s executive order on cryptocurrency will support responsible innovation.

The statement highlights how Yellen’s department will implement the provisions of the executive order, which was recently released by the White House.

The statement reads in part as follows:

“Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses. It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”

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