Friday, September 30, 2022
HomeBitcoinWhite House's New Crypto Proposals Pose Grave Threat to Bitcoin –Cardano Creator...

White House’s New Crypto Proposals Pose Grave Threat to Bitcoin –Cardano Creator Warns

Charles Hoskinson, the creator of Cardano (ADA), has issued a warning that recent recommendations made by the US government are not favorable for Bitcoin (BTC) and other crypto assets.

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.”


Follow us on Twitter, Facebook, Telegram, and Google News

Oluwademilade Afolabi
Oluwademilade Afolabi
Oluwademilade is a freelance writer focused on cryptocurrency and blockchain technology. He has experience in content writing and digital journalism. Since 2019, he has contributed to several online websites, and several prominent media outlets and professionals in crypto have acknowledged his writing. Besides writing, Oluwademilade likes to read, play the bass guitar, and travel.
RELATED ARTICLES

Latest News & Articles

Recent Comments