United

Bitcoin

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<ul class="list-ic vertical">
 <li><span>1</span> <a>Riot Platforms, the Texas Blockchain Council (TBC), and the Chamber of Digital Commerce filed a case regarding energy consumption.</a></li>
 <li><span>2</span> <a>The case results from the EIA’s recent survey of more than 80 Bitcoin mining operators.</a></li>
 <li><span>3</span> <a>The case is filed in the U.S. District Court for the Western District of Texas.</a></li>
</ul>
<p>On February 22, 2024, the Texas Blockchain Council (TBC), Riot Platforms, and the Chamber of Digital Commerce filed a lawsuit against the U.S. Energy Information Administration (EIA), the U.S. Department of Energy (DOE), and the Office of Management and Budget (OMB). The lawsuit was presented to the United States Department of Energy. It highlights a particular point in the continuous integration of the crypto industry and network regulators.</p>
<p>This case is the result of the offensive statement of the plaintiffs about information concerning energy consumption in cryptocurrency mining activities.</p>
<h2 class="wp-block-heading" id="strong-what-led-to-the-legal-complaint-strong"><strong>What led to the legal complaint?</strong></h2>
<p>It arose from the OMB’s January decision, in which the EIA approved an emergency request to collect data on energy usage from 82 Bitcoin mining operations, including Riot Platforms.&nbsp;</p>
<p>The plaintiffs and Tom Emmer, a US representative, have criticized this move and stated that it represents an abuse of power targeting the crypto industry. The filing documents include a multifaceted critique of the government’s action, indicating carelessness in the process and referencing unrealistic self-made urgency and government data collection.&nbsp;&nbsp;</p>
<p>Head of Public Policy at Riot Platforms, Brian Morgenstern, expressed his views on the matter, stating, “<em>Proud of our team standing up against unlawful government overreach. Fanatics declared a phony emergency to publish the proprietary information of Bitcoin miners to attack decentralized assets &amp; advance a CBDC. We must fight at this step in order to win at the next &amp; the next.”</em></p>
<h2 class="wp-block-heading" id="strong-what-are-the-views-of-bitcoin-miners-in-the-usa-strong"><strong>What are the Views of Bitcoin miners in the USA?</strong></h2>
<p>The core of the complaint matches allegations of procedural violations and overreach. The plaintiffs argue that the EIA and DOE breached the Paperwork Reduction Act (PRA) and the Administrative Procedure Act by increasing the approval and implementation of the survey without proper public notice and opportunity for comment.</p>
<p>The plaintiffs claim that this action lacks legal justification and imposes burdens on crypto miners by compelling them to disclose proprietary energy consumption data, potentially leading to irreparable damage to the business.</p>
<h2 class="wp-block-heading" id="strong-highlights-from-the-legal-document-strong"><strong>Highlights From the Legal Document</strong></h2>
<h3 class="wp-block-heading" id="strong-violations-of-legal-procedures-strong"><strong>Violations of Legal Procedures</strong></h3>
<p>Accusations that the EIA and DOE failed to comply with PRA’s public notice and comment requirements render the emergency information collection request (ICR) approval process arbitrary and unlawful.</p>
<h3 class="wp-block-heading" id="strong-inadequate-justification-for-emergency-collection-strong"><strong>Inadequate Justification for Emergency Collection</strong></h3>
<p>The plaintiffs dispute the DOE’s rationale for emergency data collection, arguing that it fails to meet established criteria for such expedited actions.</p>
<h3 class="wp-block-heading" id="strong-confidential-informational-concerns-strong"><strong>Confidential informational concerns</strong></h3>
<p>The forced disclosure of sensitive <a href="https://www.thecoinrepublic.com/2024/02/22/nvda-stock-nvidia-makes-headlines-after-265-earnings-growth/" target="_blank" rel="noopener noreferrer nofollow">business</a> information under the emergency ICR is said to outpace the competitive positions of cryptocurrency miners.</p>
<h3 class="wp-block-heading" id="strong-lack-of-proper-notice-and-opportunity-for-comment-strong"><strong>Lack of Proper Notice and Opportunity for Comment</strong></h3>
<p>The filing criticizes the defendants for not allowing sufficient notice or opportunity for stakeholders to comment on the information collection request, violating the PRA’s directives.</p>
<h3 class="wp-block-heading" id="strong-relief-request-strong"><strong>Relief Request</strong></h3>
<p>The plaintiffs ask for judicial relief to prevent the enforcement of the emergency ICR, including an order to vacate the DOE’s emergency approval of the request.</p>
<h4 class="wp-block-heading"><strong>Conclusion: Implication of the Case</strong></h4>
<p>This lawsuit marks a remarkable moment in the ongoing dialogue between the Bitcoin industry and regulatory bodies in the US. It essentially reflects the industry’s willingness to get involved in legal battles to protect their interests.</p>

US-based Bitcoin Miners File a Case Against EIA, DOE and OMB

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Thecoinrepublic.com

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