Bipartisan Cryptocurrency Legislation Will Fuel Further Environmental Destruction, Environmental Advocates Say
Legislation currently making its way through Congress that proponents say will place much-needed guardrails on cryptocurrency will only exacerbate the industry’s insatiable energy demands and climate pollution, environmentalists say.
Republican leaders in the U.S. House of Representatives declared this week to be “Crypto Week,” during which they hope to pass several bills related to cryptocurrency. Chief among them is the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS for short.
The bill has bipartisan support, including from U.S. Sens. Kirsten Gillibrand (D-N.Y.) and Cory Booker (D-N.J.), who say the legislation, which passed the Senate in June, will provide key safety measures for consumers and financial markets.
President Donald Trump, no stranger to crypto with his own $TRUMP meme coin and an estimated $1 billion in crypto holdings, announced Tuesday evening on Truth Social that he convinced House GOP crypto holdouts to vote in favor of the bill.
