The Proof-of-Work consensus model blockchains often come under the fire of environmental advocates and social workers. President Joe Biden recently signed an executive order in a surprising turn of events to signal the extensive research on the matter of cryptocurrency regulations and impact. As part of the EO initiative, the Office of Science and Technology Policy or OSTP has initiated a public dialogue.
By the decree of the EO, the state office is offering the general public a chance to submit their opinions on the matter related to cryptocurrencies. The main agenda is concerned with the impression of public environmental implications and applications of the cryptocurrency sector.
Biden’s Executive Order on Crypto
The EO that was signed by the Biden administration is viewed as a power move by the government of the United States. The EO requires several important government agencies to collaborate and conduct research on six key areas of concern related to blockchain networks.
Among these six key areas are factors such as financial inclusion, monetary stability, productive innovation, investment protection, illicit trade pushback, and the status of the United States as a global leader. Both commercial stakeholders and every citizen of the public can reach out and submit their opinions on the matter. Considering the power and energy distribution invested in crypto mining is a topic of discussion in many business circles.
The official Twitter account of OSTP has shared a link where any person who wishes to reach out to the government can express their opinion. It is worth mentioning that the UK government assumed a similar position on the matter of Brexit, and many economic and financial experts were not happy with the outcome and called it a chickening-out move by the state.
However, OSTP postulates that under the Right of Information or RSI, the US government wishes to collect more data on hardware specification, economics commentary, carbon footprint projections, resources, and many important facets like the use of energy. The OSTP is also open to the advantages of cryptocurrencies in the current economic situation where energy resources are becoming scarce, and climate advocacy demands urgent attention.