White House Put Distributed Ledger Technology on Boosting Priority List
The latest national security standards report from the White House includes cryptocurrencies as one of the emerging technologies that will be prioritized for the establishment of standards.
The White House aims to enhance consumer protection and ensure the competitiveness of the US in global standard-setting by implementing universal standards that guarantee security consistency. Other technologies that will be prioritized include distributed ledger technologies and digital identity infrastructure, as well as biotechnology, semiconductors, and artificial intelligence.
To Access White House’s Website: whitehouse.gov
The Council of Economic Advisers has proposed a Digital Asset Mining Excise (DAME), which would impose a 30% tax on cryptocurrency mining companies to address economic and environmental impacts. While other energy-intensive industries are not subject to the tax, the CEA argues that crypto mining does not offer the same economic benefits as other industries that consume comparable amounts of energy.
The government claims that digital asset mining disproportionately affects communities of color due to pollution and drives up the cost of renewable energy. Major US-based mining companies such as Riot Platforms and Marathon Digital are among those opposing the tax, arguing that it would harm the US’s position in the crypto industry.
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