New Push for Crypto Environmental Accountability: Senators Markey and Huffman Reintroduce Key Legislation

Reintroducing the Crypto-Asset Environmental Transparency Act

On March 3, United States Senator Edward Markey and Representative Jared Huffman took a significant step by reintroducing the Crypto-Asset Environmental Transparency Act. This occurs just ahead of a pivotal Senate hearing, set to take place on March 7, where Markey will lead discussions on crypto mining’s environmental footprint.

The Details of the Act

The bill, first presented in December of the previous Congress and co-sponsored by Senator Jeff Merkley, aims to bring significant regulatory changes. It requires crypto mining companies consuming over 5 megawatts of power to disclose their emissions. Additionally, it calls for the Environmental Protection Agency (EPA) to spearhead an interagency investigation into the environmental effects of crypto mining across the nation. This study will be supported by a budget of $5 million and is expected to yield findings within 18 months of the bill’s approval.

Public Support and Environmental Concerns

The legislation has garnered robust backing, with Senator Markey highlighting the support of 16 public organizations including the Sierra Club and Greenpeace USA. In his statement, Markey characterized crypto miners as “sucking megawatt after megawatt from our public grids,” while contributing to a troubling rise in greenhouse gas emissions. The urgency of addressing this issue is underscored by Markey’s upcoming Senate Environment and Public Works Committee meeting, which will focus on crypto mining’s escalating environmental consequences.

Party Lines and Legislative Strategy

Markey and Huffman have not hesitated to engage other lawmakers on this pressing issue. In February, they penned a letter to EPA Administrator Michael Regan and Energy Secretary Jennifer Granholm, emphasizing the need for collaboration to bridge the information gap on crypto mining’s energy consumption and its ecological impacts. Furthermore, they reached out to the CEO of the Electric Reliability Council of Texas for insights into the state’s crypto mining operations, demonstrating a bipartisan approach to tackling this complex issue.

The Bigger Picture: Activism in Action

In a separate but related move, Rep. Jared Huffman praised his recognition on the League of Conservation Voters scorecard, declaring, “Another 100% on my permanent record!” He pledged continued efforts for a thriving planet for all. This commitment highlights the growing intersection of technology, environmentalism, and legislative action, as lawmakers grapple with the challenges posed by burgeoning industries like cryptocurrency.