Cardano creator Charles Hoskinson warns White House’s new crypto proposals pose a serious threat to Bitcoin

Cardano creator Charles Hoskinson warns White House’s new crypto proposals pose a serious threat to Bitcoin

Cardano creator Charles Hoskinson warns White House’s new crypto proposals pose a serious threat to Bitcoin

Cardano (ADA) creator Charles Hoskinson warns that new recommendations from the US government did not bode well for Bitcoin (BTC) and other crypto assets.

Contrary to the recommendations of a new report from the White House Office of Science and Technology calling for the involvement of the United States Environmental Protection Agency (EPA) and the United States Department of Energy (DoE) to create evidence-based environmental standards For the responsible design of digital assets, Hoskinson says the proposals could lead to an outright ban on Bitcoin.

“[The] EPA and DoE are going to talk to crypto companies basically telling them that they need to change the way their cryptocurrencies work.

And in what way? Well, these should include: ‘Standards for very low energy intensities, low water consumption, low noise generation, clean energy use by operators and standards strengthened over time for additional decarbonised generation to cope with the additional electricity load of their facilities. to match and exceed.

Should these measures prove ineffective in mitigating the impact, the government should examine the executive measures and Congress could 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 it.”

The report comes in response to an executive order signed by President Joe Biden in March calling for “responsible digital asset innovation.”

According to Hoskinson, the US government could use several strategies to achieve its goals that could spell bad news for proof-of-work crypto assets.

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

And we will softly ban it by letting the EPA and DoE come in and basically create standards that you can’t abide by.

And if you can’t, create some form of executive order or legislation to basically prevent you from doing it.

Or destroy your profit margins so that it is no longer profitable for American mining.”

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