US lawmakers spark backlash with bills impacting crypto industry: ‘There’s almost no oversight’
Congress has taken new steps to bring oversight to the fast-growing cryptocurrency market with a bill focused on consumer protection and financial stability.
But as lawmakers move forward, environmental experts are raising questions about what the legislation could mean for the industry’s massive energy use.
What’s happening?
In July, House Republican leaders declared a “Crypto Week” as lawmakers pushed several related bills, including the Guiding and Establishing National Innovation from U.S. Stablecoins Act, or GENIUS Act.
As Inside Climate News reported, the bipartisan measure — which passed the Senate in June and passed by the House and was signed into law in July — creates new oversight for…
