Senator Cynthia Lummis and Representative Patrick McHenry, along with several other elected representatives, have sent a letter to Michael Regan, the Administrator ot the Environmental Protection Agency (EPA), telling the official to consider the benefits of crypto mining before considering any regulation that could impact the sector of digital assets.
McHenry is the ranking Republican on the House Financial Services Committee. Lummis a Republican from Wyoming – a crypto-friendly state, has co-sponsored legislation aiming to clarify the regulatory landscape for digital assets. The letter is said to be a follow up missive from a prior document sent to the EPA earlier this year.
Senators Bill Hagerty (R-TN), Kevin Cramer (R-ND), Steve Daines (R-MT), and Representatives Pete Sessions (R-TX), Bill Posey (R-FL), Bill Huizenga (R-MI), Tom Emmer (R-MN), Anthony Gonzalez (R-OH), William Timmons (R-SC), Andy Barr (R-KY), Bryan Steil (R-WI), and Ralph Norman (R-SC) – have all signed the letter.
The letter states that “digital assets are an essential component of promoting financial inclusion and have created new wealth-building opportunities for Americans.” The elected officials ask the EPA to be thoughtful and consider the importance of innovation when evaluating the environmental impact of digital assets.
The letter asserts:
“As you know, a substantial portion of digital asset miners’ energy use is based on renewable sources. Additionally, many miners use other power sources, like natural gas, that may otherwise go unused. JAI Energy in Wyoming is an example of a company that is working with oil and gas producers to make a positive environmental impact through Bitcoin mining. Bitcoin mining that utilizes flared gas is also reducing methane emissions in Texas, New Mexico, Colorado, West Virginia, Ohio, and North Dakota.3 This private sector-led breakthrough is an important tool to a lower emission future. Finally, digital asset mining can have a substantial stabilizing effect on energy grids. It maintains robust baseload levels, yet it can be switched off quickly in times of peak demand.”
The letter is available here.