AUSTIN, Texas, Feb. 22, 2024 /PRNewswire/ — The Texas Blockchain Council (TBC) alongside one of its members, Riot Platforms, today initiated legal proceedings against the U.S. Department of Energy’s Energy Information Administration (EIA), challenging an alleged unprecedented and illegal data collection demand against the bitcoin mining industry. This legal action underscores the TBC’s commitment to protecting the rights and interests of the industry against governmental overreach and politically motivated administrative actions.
Recently, the EIA issued an “emergency” survey to bitcoin mining companies, demanding highly proprietary information such as specifications of the machine used in each facility, specific locations of mining operations, and contractual information relating to each commercial energy partner, among other requests. The materials state that the administration intends to publish this sensitive information. Additionally, prior statements from The White House suggest that the information gathered will be abused to further target the industry. This move is part of a broader strategy by Senator Warren and the Biden Administration as they take a “whole of government approach” to attack the digital asset industry. The TBC, alongside industry partners, views this as a direct assault on private businesses under the guise of an emergency, lacking legitimate grounds and demonstrating clear political bias.
The unwarranted and unprecedented government intrusion represented by the EIA’s information collection demand marks a concerning escalation in the oversight and regulation of the cryptocurrency industry. By challenging this overreach, the TBC aims to safeguard not just the interests of bitcoin miners but the broader rights of all industries against invasive governmental demands, underscoring the critical balance between regulation and the freedom to innovate within the digital landscape.
Lee Bratcher, President of the TBC, expressed the organization’s position: “The EIA’s actions represent an alarming precedent of government intrusion into private industry operations without just cause or proper process. It’s evident that this survey is not about grid stability, as bitcoin miners are the most flexible load on any grid, but is a targeted political effort led by figures like Elizabeth Warren.”
The legal action highlights the lack of grounds for such an emergency survey and demonstrates that the agency failed to allow for the required notice and comment period. This legal challenge is not about resisting an isolated request for information; it’s a defense against a broader pattern of regulatory overreach that threatens the very fabric of innovation and economic growth. If the government can do this to one industry, precedent is set for all other industries that fall out of favor with the administration in power.
CONTACT INFORMATION
For further details or to arrange interviews, please contact:
Mark Shut
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SOURCE Texas Blockchain Council
Originally published at https://www.prnewswire.com/news-releases/texas-blockchain-council-announces-legal-action-against-the-department-of-energys-energy-information-administration-overreach-302069507.html
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