Biden Orders Report on Climate Risk of Cryptocurrencies | Scientific American | 12/7/22

Source: https://www.scientificamerican.com/article/biden-orders-report-on-climate-risk-of-cryptocurrencies/

Summary: President Biden has ordered his administration to produce a report on the environmental costs and potential benefits of cryptocurrencies and the blockchain technologies they rely on. Biden’s request came yesterday as part of a sweeping executive order on the "responsible development of digital assets.” Cryptocurrencies such as bitcoin and ethereum are a growing part of the global financial system, and a major new source of planet-warming emissions. "Fundamentally, an American approach to digital assets is one that encourages innovation but mitigates the risks to consumers, investors, and businesses, broader financial stability, and the environment,” National Economic Council Director Brian Deese and national security adviser Jake Sullivan said in a statement about the directive.

Biden ordered Deese and Sullivan to coordinate the executive branch review of cyptocurrency policy.

3 Fun Facts:

1. Approximately 40 million Americans or roughly 16 percent of the adult population have used cryptocurrencies, according to the Biden administration.

2. The total value of the loosely regulated cryptocurrency market topped $3 trillion last November but is now worth less than $2 trillion.

3. The interagency group had until Sept. 5, 2022 to produce the environmental report.