SEC Easing on Climate Rule May Benefit Crypto Mining

1. The SEC is reviewing its climate disclosure rules following clamor from investors, firms, and lawmakers.
2. The climate disclosure easing may benefit crypto mining in the US.
3. BTC mining advocates are claiming that mining activities are becoming more sustainable.

The SEC is re-evaluating its climate-change disclosure proposals following pushback from investors, companies, and lawmakers. 

The final version of the rules, expected this year, may still require some climate disclosures in financial statements, but the requirements may be less stringent than originally proposed, such as by raising the reporting threshold for climate costs.

As mentioned above, one major factor causing this development is the rumpus among lawmakers. Due to a divided Congress, President Biden is unlikely to pass major climate legislation. This increases the pressure on regulatory agencies, such as the SEC, to address the issue through their own proposals. 

SEC Chair Gary Gensler is proposing climate-related disclosure requirements for publicly traded companies, including reporting on greenhouse gas emissions, energy consumption, and the emissions of suppliers and customers in some cases.

Major companies like Amazon and Walmart chimed in, saying that the current rules in place are hurting their business. BlackRock, which dabbles in crypto, also echoed a similar sentiment.

Michigan Representative Bill Huizenga even threatened to “hold Gensler accountable” for the “flawed” rule.

Read CRYPTONEWSLAND on google news

Let’s not kid ourselves, you can't dial something back that is unworkable. The @FinancialCmte Oversight Subcommittee will hold @GaryGensler accountable. We are just beginning to peel back the layers of his flawed rulemaking process. Save your documents. https://t.co/mNz93AjvyZ

— Rep. Bill Huizenga (@RepHuizenga) February 3, 2023

Should there be palpable easing to climate policies, many industries, including crypto mining, may thrive. For instance, a number of crypto mining firms in the US are publicly listed, and their stocks have fallen in 2022 due to a number of factors.

While crypto mining activities, especially that of Bitcoin (BTC) consume huge amounts of energy, many are claiming that reports tend to exaggerate, hurting the reputation of crypto mining. Some claim that BTC mining activities are increasingly becoming sustainable. Others have also repurposed excess organic energy sources for BTC mining.

Read Also :

• To Establish Its Trade, Thallo Partners with Ripple
• STEPN’s Initiative To Become Carbon Neutral
• Carbon Offsetting for Blockchains & Beyond: Regen Network Launches Carbon Marketplace
• Nvidia Fined $5.5M for Hiding Crypto Mining Sales
• Mark Cuban Suspects SEC to Lay ‘Nightmare’ Token Registration Rules

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