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House Democrats ask Environmental Protection Agency for more crypto oversight

In a letter sent Thursday to the Environmental Protection Agency (EPA), a group of US House Democrats called for increased oversight of proof-of-work mining. Legislators asked the agency to investigate its possible negative consequences, citing “concerns regarding reports that cryptocurrency facilities across the country are polluting communities.” Specifically, the letter refers to noise pollution, electronic waste from hardware replacement, greenhouse gas emissions and the reopening of former gas and coal plants to power mining operations. The letter addresses EPA administrator …

US lawmaker debuts draft of federal stablecoin regulation bill

A discussion draft of federal stablecoin legislation has been released by a member of Congress, a move that comes the morning of a hearing on the subject in the US Senate. According to an announcement from the office of Congressman Josh Gotthiemer (D-NJ), the Stablecoin Innovation and Protection Act is aimed at “defining qualified stablecoins, carving qualified stablecoins out from more volatile cryptocurrencies, and putting appropriate protections in place for consumers and investors.” “The legislation defines qualified stablecoins as a …

$770 billion defense bill signed by Biden calls for emerging technology strategy

The newly-signed $770 billion defense bill directs the Department of Defense to develop a digital health strategy for emerging technologies, including distributed ledgers. President Joe Biden signed the National Defense Authorization Act for Fiscal Year 2022 on Monday after the bill passed the House and the Senate this month. It contains little mention of blockchain or crypto-related efforts. However, it directs the Secretary of Defense to develop a means of incorporating emerging technologies, including distributed ledger technologies, by April 1, …

Biden’s banking regulator nominee withdraws under widespread scrutiny

On December 7, Saule Omarova, who had been President Biden’s nominee to serve as Comptroller of the Currency, withdrew from the running.  “At this point in the process, however, it is no longer tenable for me to continue as a Presidential nominee,” wrote Omarova.  The comptroller leads the Office of the Comptroller of the Currency, which regulates federally chartered banks. The crypto industry’s engagement with the OCC peaked during the brief tenure of Brian Brooks, who subsequently took on roles …