Crypto miners score victory as US DOE withdraws controversial survey - CryptoCrazeNews

Crypto miners score victory as US DOE withdraws controversial survey

Crypto miners score victory as US DOE withdraws controversial survey

Crypto miners score victory as US DOE withdraws controversial survey

The US digital asset industry seems to be getting relief in between a bull run as crypto mining usage surveys see a withdrawal amid emerging controversy. This comes in when Bitcoin (BTC) is nearing to a much hyped halving event. However, BTC is also close to breaching its all time high (ATH) of around $69K.

DOE pulls off crypto mining linked survey

Senator Cynthia Lummis in a post mentioned that the US Department of Energy (DOE) has officially withdrawn its crypto mining usage survey. She suggested that this is a big win for crypto mining and the entire crypto asset community.

Lummins added that she will continue to fight back against this blatant government overreach. She stated that it is needed to be ensured that President Joe Biden’s administration does not unfairly target crypto.

Responding to the post, Coinbase’s Chief Legal Officer, Paul Grewal went on to thank Senator Lummis for her commitment to bringing clarity over crypto linked regulation. However, he also appreciated the thee DOE for their actions.

Grewal highlighted the importance of a reasonable regulator admitting mistakes. He wrote this is what a reasonable regulator does when it’s clear that it has violated the law. He stated that the DOE addressed the harm imposed and committed to doing things the right way in the future. 

He was indirectly taking shots at the US Securities and Exchange Commission (SEC) for not providing clear crypto trading rules. Coinbase and SEC have been engaged in a complex legal battle as of now.

What’s all the matter?

According to reports, the DOE’s statistical arm, the Energy Information Administration (EIA), may now pursue a new survey on bitcoin mining electricity usage. It is important to note that this process will involve a longer approval period. This is due to the cancellation of the emergency data request. 

The agreement, reached after a lawsuit by crypto miners including Riot Platforms and the Texas Blockchain Council (TBC), stipulates a 60 day comment period for the proposed survey.

The settlement between US energy officials, the TBC, and Riot Platforms halts the emergency survey. The EIA, OMB, and DOE committed to ceasing data collection, deleting previously gathered information and discarding any future data.

The temporary restraining order, initially set until March 8, is effectively canceled. The court had suspended energy regulators from collecting data while the lawsuit was ongoing. The TBC and Riot convinced the judge of potential damages, including non-recoverable compliance costs, a threat of prosecution, and the disclosure of proprietary information.

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