In response to President Joe Biden’s recent executive order, the OSTP sought out to the general people to ascertain the energy and climate implications of digital assets.
The White House’s Office of Science and Technology Policy (OSTP), an Executive Office of the President of the United States, has launched a study to determine the potential for offsetting energy consumption and climate change caused by digital assets.
On March 9, US President Joe Biden signed an executive order directing various federal agencies to examine the implications of digital assets for six critical areas — consumer and investor protection, financial stability, financial inclusion, responsible innovation, the US financial leadership globally, and combating illicit financial activity.
The OSTP encouraged members of the public and other stakeholders to share their perspectives on the different aspects that contribute to the energy consumption and climate effect of all sorts of digital assets and cryptocurrencies.
.@POTUS made clear that digital assets and cryptocurrencies must support our climate goals.
— White House Office of Science & Technology Policy (@WHOSTP) March 25, 2022
President Biden’s executive order mandates OSTP to provide a study on digital assets in order to identify elements that affect energy and climate concerns negatively or positively. As stated in the official notice:
“In particular, this Right for Information (RFI) seeks comments on the protocols, hardware, resources, economics, and other factors that shape the energy use and climate impacts of all types of digital assets.”
Additionally, OSTP is soliciting public feedback on the potential benefits of digital assets in tackling growing energy and climate problems. The announcement states that the federal government will use the study’s findings to influence future advances or industrial trajectories involving digital assets.
The public and organizations are asked to submit comments on or by May 9, 2022, at 5:00 p.m. ET.
US Treasury Secretary Janet Yellen, who has previously expressed anti-crypto sentiments, now acknowledged cryptocurrencies’ “important role”:
“There are benefits from crypto, and we recognize that innovations in the payments system can be a healthy thing.”
I see a lot of strength in the American economy. We have an immensely strong job market, historically low unemployment numbers, and consumer spending continues to hold strong. I joined @SquawkCNBC this morning to discuss. pic.twitter.com/NKM1H8fDQC
— Secretary Janet Yellen (@SecYellen) March 25, 2022
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.