Congressman Tom Emmer Raises Alarm Over Biden Administration’s Data Collection Efforts Targeting Bitcoin Miners
In a recent development that has sparked concern within the cryptocurrency community, House Majority Whip Tom Emmer has voiced his apprehensions regarding the Biden administration’s efforts to collect data on Bitcoin mining operations. This move, facilitated by the Office of Management and Budget (OMB) and the Energy Information Administration (EIA), imposes a new, mandatory information collection regime targeting the Bitcoin mining industry, according to Cryptoslate.
Emmer’s criticism centers on the OMB’s decision to expedite this request without a public comment period, a step that typically requires justification based on potential public harm. The Congressman strongly refutes any assertion that Bitcoin mining poses a threat to public safety, condemning the OMB’s use of emergency powers to scrutinize Bitcoin miners as an unwarranted attack requiring explanation.
In his communication to the OMB, Emmer championed the Bitcoin mining sector as a crucial component of the broader Bitcoin network, highlighting its embodiment of American values through its open and permissionless nature. He urged for a policy approach that remains politically neutral, critiquing the administration for enforcing what he perceives as a regressive stance against energy consumption specifically targeted at the cryptocurrency industry.
This initiative by the Biden administration aligns with broader energy policies introduced under the Inflation Reduction Act in August 2022. However, Emmer disputes the underlying concerns driving this data collection effort, particularly the EIA’s fears regarding potential increases in energy consumption due to rising Bitcoin prices and during extreme weather conditions. He argues that mining activities can be adjusted to accommodate peak hours and varying weather, suggesting that the breadth of data collection sought by the EIA is an overreach aimed at enforcing Scope 3 climate policies, which encompass energy data beyond a company’s direct operations.
Comparing these efforts to the SEC‘s similarly controversial attempts at information collection, Emmer warned of significant penalties for non-compliance, including the possibility of criminal and civil fines up to $10,000 daily for the 82 targeted crypto-mining firms. These firms are required to submit detailed information monthly until the survey concludes in July, as per the EIA’s announcement made at the end of January following the OMB’s emergency approval.
This situation highlights the growing tension between government regulatory agencies and the cryptocurrency industry, particularly in the context of environmental concerns associated with Bitcoin mining. As the debate over the appropriate level of regulatory oversight continues, the industry watches closely to see how these data collection efforts will impact the future of cryptocurrency mining in the United States.
