The founder of Cardano claims that there have been proposals to outlaw Bitcoin mining if miners are unable to achieve carbon neutrality.
Charles Hoskinson, the founder of Cardano, claims that there are some conflicts in Washington around bitcoin mining since many lawmakers consider Bitcoin to be wasteful.
“Energy-producing states have an enormous excess of energy. For example, natural gas production crates flare gas, and capturing and using it for mining is a profitable endeavor…Other people say we are wasting electricity,” he said during a recent live stream.
Left-leaning lawmakers have a strong desire to include the Department of Energy in the mining discussion. If miners are unable to find a solution to be carbon-neutral or negative, there are various movements to outlaw mining and switch proof of work with other consensus algorithms.
According to Hoskinson, the SEC’s method of regulating via enforcement is unlikely to be effective. According to him, it is currently unclear which cryptocurrencies can be categorized as securities:
How do we get to the point where we can determine whether a cryptocurrency is a security or a commodity?
According to Hoskinson, many times individuals just see blockchain technology as a financial asset. However, he points out that it has important uses in creating robust electricity and communications infrastructures, creating voting systems, keeping medical information, and other areas. He stated:
We need to broaden the scope of discussions around cryptocurrencies so that we understand that they do more than just one thing.
The creator of Cardano applauded those MPs from both parties who were receptive to collaborating with the sector. Hoskinson noted that numerous crypto organizations had engaged in extensive lobbying:
We’ve been regularly engaging with various lawmakers, and they’ve been very productive.