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