It should be noted that many in the cryptocurrency industry now want a change in the regulation of cryptocurrencies – and it’s not just about mining. For example, yesterday, Ripple CEO Brad Garlinghouse criticized the SEC. Recall that the regulator filed a lawsuit against his company back in December 2020, accusing Ripple of “an unregistered offering of $1.3 billion worth of securities”.

It has now said that under Gary Gensler’s leadership, the Commission has repeatedly urged cryptocurrency companies to register their own tokens in order to avoid similar litigation in the future. But as it turns out, there is no mechanism for such registration, which means the regulator does not want to help various blockchain organisations avoid problems.

The US authorities have also called on cryptocurrency exchange Coinbase to reconsider its attitude towards the regulation of digital assets. The day before, they redeemed an advertisement in The Washington Post calling for a “revamp of the system” for dealing with digital assets. Here’s a relevant quote from the proposal.

Widespread popularisation of cryptocurrencies has already begun, so countries with adequate legal frameworks could prove to be industry leaders. Many are introducing regulations aimed at protecting users while encouraging innovation. These include the UK, the EU and Japan. America should do the same.

Cryptocurrencies will not disappear, but it remains to be seen whether the US will be a leader here. Cryptocurrency technology has the potential to help update aging financial infrastructure, giving Americans additional financial freedom and companies new tools to innovate.

Coinbase stressed that it has no plans to go offshore and wants to further develop the digital asset industry from within the US. However, its management is hoping for help. The advertisement in the paper looks like this.

That said, Bitcoin mining is already on the radar of officials. Far from in the best context, though.

Is there any harm in Bitcoin mining?

According to the Senator, the issue of crypto mining is definitely worth the attention of politicians. Here’s a relevant rejoinder.

The mining industry has experienced explosive growth in the United States. Mining is extremely dependent on huge electricity consumption. And we see how this industry is harming the population while allowing a concentration of capital to be created in our country.

Note that the US has indeed become one of the most popular regions for cryptocurrency mining. This trend has been particularly notable since China nominally banned Bitcoin mining in the spring of 2021. Since then, many owners of computing equipment have taken to relocating to other countries, although some miners still operate from China.

According to Decrypt’s sources, Markey is calling for transparent regulation of mining companies in the context of their impact on the environment. Federal oversight is simply necessary given the scale of Bitcoin mining in the US. Today, the country ranks first in terms of the amount of mining equipment hashstrain placed on its soil.

Fortunately, not everyone was in agreement with Markey’s position. For example, Senator Pete Ricketts said that mining was not the only industry that depended on big server data banks, and that Washington should not pick “winners and losers”. Ricketts’ home state of Nebraska has experienced an economic boom precisely because of the mining industry, which has come at the expense of low energy costs in the state.

Courtney Dentlinger, vice president of customer service and external affairs at Nebraska Public Power District, spoke during the meeting. She said that mining has had a positive effect on the local energy grid. Customers who have a constant demand for electricity – i.e. miners – are using the infrastructure most efficiently. Here’s the quote.

Moreover, although mining requires a lot of electricity, the load can be very flexible. They often look for intermittent rates and can quickly shed load, which has proven useful during localised natural disasters and even larger power grid events.

Meanwhile, the situation in the Bitcoin mining industry continues to surprise. Still, the cryptocurrency market is now in the middle of a bear market, i.e. the collapse phase. However, even that does not prevent miners from constantly increasing their own processing capacity. On top of that, this is happening at a time of record sophistication in BTC mining. Read more about the situation here.


There seems to be progress in the perception of the digital asset industry around the world. Still, previously the cryptocurrency mining niche was criticized by everyone, because the officials could not understand the value of Bitcoin and other coins. Fortunately, now the situation is changing, and even some state officials can appreciate the economic benefits of such activity. Hopefully, in time, this point of view will be more and more popular.


Look for even more interesting things in our millionaires’ cryptochat. There we chat about other important topics related to digital asset mining.