Bitcoin Miners Fight Back Against Biden Administration’s Regulatory Overreach
Bitcoin miners and associations have taken a stand against the Biden Administration’s regulatory actions targeting the crypto industry. They have filed a lawsuit against three government agencies to challenge their overreach. The move comes after the Biden Administration approved US energy agencies to collect data on crypto miners’ energy consumption, causing concerns among miners and industry players.
Bitcoin Miners File Lawsuit Against US Government Energy Agencies
The Texas Blockchain Council (TBC) and Riot Platforms have jointly filed a lawsuit in the U.S. District Court for the Western District of Texas. The lawsuit seeks declaratory and injunctive relief against the U.S. Department of Energy (DOE), its Energy and Information Administration (EIA), and the U.S. Office of Management and Budget (OMB).
- The plaintiffs argue that the emergency collection of information by EIA from TBC members, including Riot Platforms, is unlawful.
- They claim that EIA and OMB violated the Paperwork Reduction Act and its implementing regulations.
- The government agencies are accused of acting arbitrarily and capriciously, similar to the SEC, by violating the Administrative Procedure Act.
The filing states that this case exposes sloppy government process, contrived urgency, and invasive data collection by the government.
Mines and TBC are seeking a temporary restraining order and preliminary injunction to prevent US DOE and EIA from collecting data from commercial cryptocurrency miners. They also aim to vacate OMB’s approval for data collection and prohibit defendants from collecting any data without proper notice and comment.
Crypto Industry and Congressman Condemn Biden Administration’s Actions
The Office of Management and Budget (OMB) approved an emergency request from EIA for full energy usage data from 82 Bitcoin mining operations. The approval was given just two days after receiving the request, without allowing miners a proper notice and comment period.
House Majority Whip Tom Emmer has voiced his support for the crypto industry and openly criticized the Biden administration for its crackdown on Bitcoin mining and the broader crypto industry. He highlighted the abuse of power by the administration.
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