Kuster Questions Cryptocurrency Experts On Future of Industry During Energy and Commerce Hearing
Washington, D.C. — Today, Rep. Annie Kuster (NH-02), a Member of the Energy and Commerce Oversight and Investigations Subcommittee, participated in a hearing entitled, "Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains." During the hearing, the Members asked industry experts about recent innovations and the potential future for investors in the United States.
The cryptocurrency industry has matured rapidly over the last 10 years, with some mining companies being publicly traded on Wall Street and announcing major capital investment projects throughout the country. Still, it remains a mystery to many Americans.
“Today’s hearing marks the first opportunity for this Subcommittee to discuss the rapid utilization of cryptocurrencies and the environmental impacts associated with their use,” said Rep. Kuster. “While we know that there are some bad actors in this space that utilize carbon-intensive mining efforts, there are industry leaders who are focused and committed to reducing carbon emissions. Today was a firm step forward for Congress to understand this industry and take action to ensure it operates in the best need of our country.”
Roughly 300 million people use cryptocurrency around the world. With greater adoption and utilization in recent years by companies willing to accept crypto as payment, it is impossible to ignore the growth of this industry in recent years. But with this rapid growth comes questions about the sustainability of this industry and the underlying energy consumption needed to keep currencies operating, validate transactions, and blockchains running.