Blockchain
Texas Blockchain Council and Riot Platforms sue US federal agencies over crypto energy scrutiny
Texas Blockchain Council (TBC) and Riot Platforms have initiated a lawsuit against the U.S. Department of Energy (DOE), its Energy and Information Administration (EIA), and the U.S. Office of Management and Budget (OMB).
The legal challenge, filed in the U.S. District Court for the Western District of Texas on Feb. 22, marks a significant pushback against what the plaintiffs consider to be unwarranted regulatory scrutiny from the Biden Administration towards the cryptocurrency sector, particularly concerning energy consumption.
The core of the lawsuit alleges that the EIA’s emergency collection of information from various TBC members, including Riot Platforms, contravenes legal standards. The plaintiffs argue that these actions breach the Paperwork Reduction Act and its regulations, accusing the EIA and OMB of acting without due process, akin to accusations previously leveled at the SEC for similar regulatory actions.
The filing sharply criticizes the government’s methodology, framing it as a blend of “sloppy government process” and “invasive government data collection” without proper justification or procedural adherence.
This legal action stems from an announcement by the EIA last month, declaring its intent to gather data on electricity consumption from select U.S.-based crypto-mining operations starting in early February. This move followed a rapid approval by the OMB of an emergency data collection request on Jan. 26, compelling commercial miners to disclose their energy usage details.
The TBC has voiced concerns over the request for detailed operational information, such as the types of machines used and the locations of mining facilities. There is apprehension that making such information public could expose the industry to further scrutiny and potential targeting, a fear that is underpinned by previous statements from The White House.
Describing the government’s initiative as a “direct assault on private businesses,” TBC and its allies are seeking legal remedies to prevent the DOE and EIA from proceeding with data collection from identified commercial cryptocurrency miners. They also aim to annul the OMB’s approval of the data collection effort, arguing for a halt to any data gathering without proper notice and a chance for public comment.
Following the OMB’s swift approval of the EIA’s request for energy usage data from 82 Bitcoin mining operations, the EIA reported a significant increase in the annual electricity consumption by crypto miners, from 0.6% to 2.3% of total usage. This has led to a declaration from the EIA of its intent to monitor and potentially regulate energy usage associated with mining operations.
Lee Bratcher, President of the TBC, voiced strong opposition to the government’s oversight efforts, suggesting that the motivation behind the survey is not grid stability but a politically driven campaign against the cryptocurrency sector.
The lawsuit represents a broader pattern of resistance within the crypto industry against perceived regulatory overreach. Notable figures such as House Majority Whip Tom Emmer have publicly criticized the Biden administration’s stance towards Bitcoin mining and the broader cryptocurrency industry, accusing it of abusing its power.
Additionally, recent legal actions, such as those by Texas-based Lejilex and the Crypto Freedom Alliance of Texas (CFAT) against the SEC, highlight the growing discontent within the industry towards regulatory pressures.
Source: Crypto News
The post Texas Blockchain Council and Riot Platforms sue US federal agencies over crypto energy scrutiny appeared first on HIPTHER Alerts.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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