Recently, Senator Elizabeth Warren of Massachusetts urged crypto currency miners to boost the openness of their energy use and crypto transfers.
The pro-digital assets lawmaker from the United States sent out a tweet (1) on Sunday in which she called on the appropriate authorities to ensure that her clarion cry is successfully implemented.
According to Warren, the Environmental Protection Agency (EPA) and the Department of Energy (DOE) both have the authority to oversee the crypto-mining industry and can compel greater openness from miners.
The Environmental Protection Agency and the Department of Energy stated that they might "clearly demand emissions and energy-use reporting" from crypto miners.
To Determine the Effects of Cryptocurrency Mining on the Nature
Warren's lobbying for better governance from crypto mining platforms is to evaluate how "crypto mining is hurting our climate and the electrical grid."
The tweet from the lawmaker comes at a time when there is increasing pressure on the business that deals with digital currencies to deal with the environmental effect of mining. In addition, the Democratic senator's most recent overtures are an addition to the continuous efforts to transform the crypto currency field as it becomes more widespread.
Other Democratic politicians have joined in the effort to force crypto currency miners to report the amount of energy they consume and the greenhouse gases they emit by lobbying the Environmental Protection Agency and the Department of Energy.
These "progressive" senators assert that publishing information regarding electricity use will enable authorities to monitor and evaluate crypto mine emissions more effectively.
This activity has been a source of worry, mostly due to the substantial amount of energy necessary to conduct transactions and maintain the blockchain. As things stand, mining has come under fire for what many believe to be its contribution to global warming and its growing carbon footprint.
In addition, because there is a need for more data on the environmental effect of crypto currency mining, it is impossible to determine how the process causes much harm or deterioration.
The most recent action taken by Democratic senators was prompted by the failure of prominent US mining firms to respond appropriately to the issues posed by Democrats.
Because of this, the discussion over the effects that crypto currency mining has on the natural environment will likely become more heated over the next several months.
This potentially contentious increase in discourse may be attributable to the growing attention politicians, and regulatory agencies pay to this worldwide issue.
Crypto Anti-Money Laundering Act
Elizabeth Warren has been a strong advocate for crypto regulation across the board for a considerable amount before her recent caution over energy transparency. The Digital Asset Anti-Money Laundering Act, which the former law professor authored, is notorious for its contentious nature and widespread controversy.
In December 2018, Senator Elizabeth Warren and Senator Roger Marshall, a Republican from Kansas, co-sponsored a measure that would impose harsh and maybe illegal regulations on the cryptocurrency business.
The Digital Asset Anti-Money Laundering Act seeks to, among other things, put a stop to the practice of money laundering and the funding of terrorist organizations by using cryptocurrency.
If the measure is enacted into law, players in the crypto currency market in the United States will be subject to know-your-customer (KYC) rules. Establishments that provide blockchain services, wallet providers and miners, as well as software engineers working on decentralized network protocols, are examples of these players.
The legislation suggested by Warren and Marshall would also make it possible for the Financial Crimes Enforcement Network's proposed regulation to become operational (FinCEN).
This law compels financial institutions to record certain deals involving wallets where the user has total control over the contents, unlike wallets where the user must rely on third parties for access.