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The Week In Crypto Policy: Bitcoin Mining Survey, Letter to CFPB, & SAB 121
Key Insights
- The White House Office of Management and Budget approved an "emergency request" by the U.S. Energy Information Administration to collect information from commercial Bitcoin miners on their electricity usage.
- House Financial Services Committee Chairman Patrick McHenry (R-NC), Rep. French Hill (R-AR), and Rep. Mike Flood (R-NE) urged the CFPB to revisit a proposed rule concerning providers of digital payment apps and wallets, citing the proposal's potential impact on digital assets as one of four key concerns.
- Senator Cynthia Lummis (R-WY), Rep. Wiley Nickel (D-NC), and Rep. Mike Flood (R-NE) introduced joint resolutions to rescind Staff Accounting Bulletin 121.
OMB Approves "Emergency" Bitcoin Mining Survey
On Wednesday, the White House Office of Management and Budget approved an "emergency" request by the U.S. Energy Information Administration ("EIA") to collect electricity usage information from Proof-of-Work crypto mining operations in the U.S. It's unclear which specific firms will be required to participate.
What is the EIA?
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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.