The U.S. Energy Information Administration (EIA) has settled a lawsuit with the Texas Blockchain Council (@TXblockchain_) and Riot Platforms (@RiotPlatforms), agreeing not to use any data from an emergency bitcoin miner survey or any future information derived from it. This decision comes after the Department of Energy (DOE) faced criticism for its attempt to gather data on the electricity consumption of crypto mining companies, which was seen as an overreach of authority by a federal agency and a potential threat to the industry. The controversy sparked a broader discussion on the government's role in regulating the crypto industry, with several voices accusing the DOE and the Office of Management and Budget (OMB) of abusing its power. The settlement, described as a significant victory for the cryptocurrency community, emphasizes the importance of proper procedural conduct by government agencies in dealing with industry regulations, including a commitment to a transparent process involving public notice. This marks a notable pushback against what has been criticized as unsubstantiated claims by the Biden Administration against the crypto asset community, unfairly targeted through controversial surveys.
TBC and Riot Platforms Win Case Against #Bitcoin Mining Data Survey https://t.co/rcUxmfxkUw
Advocacy Group @TXblockchain_ and Miner @RiotPlatforms Secure Legal Victory in #Bitcoin Mining Data Collection Lawsuit https://t.co/rcUxmfxkUw
"Why on earth does the U.S. Department of Energy have the authority?" @MorgensternNJ asks, accusing @ENERGY of politicizing #bitcoin mining. Check out @theminingpod 👇 🎧 Spotify: https://t.co/kiDoiDbGN6 🎧 Apple: https://t.co/gT5H3J1Y89 📧 https://t.co/vvY2z26lOA https://t.co/VxunGzKVLk
Mandatory survey of Bitcoin miners’ power consumption halted by US Energy Department https://t.co/7sNuEtDwtO
EMERGENCY SURVEY ON CRYPTO MINERS' ELECTRICITY USAGE HALTED FOLLOWING LAWSUIT SETTLEMENT A government survey aimed at gathering data on crypto mining companies' electricity consumption has been halted after parties involved in a lawsuit reached an agreement. The Energy… https://t.co/0KnDIe0zPN
The EIA settled its lawsuit with the Texas Blockchain Council and Riot Platforms, agreeing not to use any data from the emergency survey on crypto miners, or any future information from it. https://t.co/AYq4Etbs2W
Look at this settlement agreement in the EIA's bitcoin mining fiasco. In 40 years of lawyering and law-watching, I've never seen such an obvious (albeit still implied) admission by a federal agency that it overreached its authority. h/t/ @bitcoinpierre for the image. https://t.co/bb1VpkIuh6
The crypto industry and the DOE come to an agreement on next steps for controversial miner survey. @nikhileshde reports https://t.co/rcHVh5hqce
The Department of Energy officially withdrew its crypto mining usage survey today, a win for crypto mining and the entire crypto asset community. I will continue to fight back against this blatant government overreach to ensure crypto is not unfairly targeted by the Biden admin.
Emergency bitcoin miner survey off the table after parties agree to end lawsuit https://t.co/YwuhPdWxk1
JUST IN: The Biden Administration is revoking the unsubstantiated #Bitcoin mining "emergency" declaration and eliminating the unlawfully gathered data. Moving forward, the government will adhere to proper procedure by initiating a transparent process involving public notice. https://t.co/O0s71HoPJD
"In a striking display of unity and resolve, the cryptocurrency industry recently mounted a crucial legal challenge against undue governmental overreach resulting in victory" Read @Blockworks_ latest op-ed from @PerianneDC and @lee_bratcher to learn more about our industry's… https://t.co/33O8rDEMle
The courts put the SEC in its place. The courts put the EIA in its place. Crypto is winning, bureaucracy is losing. Keep fighting.
The courts put the SEC in its place. The courts put the EPA in its place. Crypto is winning, bureaucracy is losing. Keep fighting.
The OMB cannot abuse its “emergency” authorities to allow agencies like the EIA to ridiculously claim bitcoin miners are a threat to public safety and subject this industry to new, unvetted rules and regulations. It’s an abuse of power and it ends here. https://t.co/YThBxGEEVp