White House’s New Crypto Proposals Pose Grave Threat to Bitcoin, Says Cardano Creator

September 11, 2022

MCP News Free

White House’s New Crypto Proposals Pose Grave Threat to Bitcoin, Says Cardano Creator

Charles Hoskinson, the developer of Cardano (ADA) has sent a warning to the crypto community about the new recommendations by the US government which, according to him, pose a grave threat to Bitcoin and other cryptocurrencies.

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The White House New Proposals Suggested a Ban on Bitcoin – Charles Hoskinson

The proposal suggested a ban on BTC, you read that right? Here are his views;

Looking at the recommendations of the new White House Office of Science and Technology Policy report that demand the involvement of the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy (DoE) to establish evidence-based environmental standards for the responsible design of digital assets, according to Hoskinson, the proposal could eventually lead to the banning of Bitcoin (BTC).

According to him;

“[The] EPA and DoE are going to start talking to crypto companies to basically tell them to change the way that their cryptocurrencies work.

And which way? Well, these should include, ‘Standards for very low energy intensities, low water usage, low noise generation, clean energy usage by operators and standards that strengthen over time for additional carbon-free generation to match and exceed additional electricity load of their facilities.

Should these measures prove ineffective at reducing impacts, the administration should explore executive actions and Congress might consider legislation to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining.’

In other words, Bitcoin should be banned. That’s how you read that.”

The policy report is part of the response to the President Biden executive order signed in March that directed all concerned government agencies to strategies for digital assets that foster sector innovation while reducing dangers to Americans and the global financial system.

In a statement by Hoskinson, the US government can use different methods to make sure its aims, which could eventually result in bad news for proof-of-work digital assets.

“The White House is now basically hiding in page seven a report no one will ever see or read: ‘Hey Mia, nice thing you got there with proof of work but, you know, global warming bad. So we should ban it.’

And we will soft ban it by having the EPA and DoE come in and basically create standards that you can’t adhere to.

And then when you can’t, create some form of executive order or legislation to basically prevent you from being able to do it.

Or destroy your profit margins so it’s no longer profitable for the American mining industry.”

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