The White House Office of Science and Technology Policy (OSTP), which is part of the President’s Executive Office, has started research to see if there is a way to balance energy use and climate change by using digital assets.
In fact, President Joe Biden signed an executive order on March 9 directing various federal agencies to investigate the impact of digital assets on six key areas: consumer and investor protection, financial stability, financial inclusion, responsible innovation, the United States’ global financial leadership, and combating illicit financial activity.
The OSTP encouraged the general public and other stakeholders to share their perspectives on the different elements that contribute to the energy use and climate impacts of all sorts of digital assets and cryptocurrencies as part of the effort.
Aspects that have a negative or beneficial impact on energy and climate problems
According to President Biden’s executive order, the OSTP is required to provide a study on digital assets in order to identify aspects that have a negative or beneficial impact on energy and climate problems. The official notice reads:
“In particular, this RFI requests views on the protocols, hardware, resources, economics. As well as other elements that determine the energy use and climatic implications of all forms of digital assets.”
OSTP also wants to hear from the public about the potential benefits of digital assets in tackling rising energy and climate challenges. The conclusions of the study will be in use by the federal government. In order to direct future advances or industrial trajectories involving digital assets, according to the notification.
On or before May 9, 2022, at 5:00 p.m. ET, the general public and organisations are encouraged to submit comments.
Janet Yellen, the US Secretary of the Treasury, had previously expressed anti-crypto sentiments. But subsequently acknowledged the “important role” that cryptocurrencies play:
“We acknowledge that innovations in the payments system might be beneficial, and we believe that crypto has some advantages.”