Home Digital Asset Cardano Creator Charles Hoskinson Warns That the White House’s New Crypto Proposals Pose Grave Threat to Bitcoin

Cardano Creator Charles Hoskinson Warns That the White House’s New Crypto Proposals Pose Grave Threat to Bitcoin

by Lottar


Cardano (ADA) creator Charles Hoskinson warns that new recommendations by the US government do not bode well for Bitcoin (BTC) and other crypto-assets.

Objecting to the recommendations of a new White House Office of Science and Technology Policy Report that calls for the involvement of the US Environmental Protection Agency (EPA) and the US Department of Energy (DOE) to create evidence-based environmental standards for the responsible design of digital assets, Hoskinson says the proposals could lead to an outright ban on Bitcoin.

“[The] EPA and DoE are going to start talking to crypto companies to basically tell them to change the way their cryptocurrencies work.

And which way? Well, it should include: ‘Standards for very low energy intensities, low water consumption, low noise generation, clean energy consumption by operators and standards that are strengthened over time for additional carbon-free generation to match and exceed additional electricity load of their facilities.

Should these measures be ineffective in reducing impacts, the administration should explore executive actions and Congress may consider legislation to limit or eliminate the use of high-energy-intensity consensus mechanisms for crypto-asset mining.’

In other words, Bitcoin should be banned. That’s how you read it.”

The report is a response to an executive order signed by President Joe Biden in March calling for “responsible digital asset innovation.”

According to Hoskinson, the US government could employ several strategies to achieve its goals that could spell bad news for proof-of-work crypto-assets.

“The White House now basically hides in page seven a report that no one will ever see or read: ‘Hey Mia, nice thing you got there with evidence of work, but, you know, global warming bad. So we have to ban it.’

And we’ll soft ban it by having the EPA and DoE come in and basically create standards that you can’t meet.

And then when you can’t, create some form of executive order or legislation to basically prevent you from being able to do that.

Or destroy your profit margins so that it is no longer profitable for the American mining industry.”

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Featured Image: Shutterstock/Krit Suppaudom





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