White House to publish a report on its attitude to cryptocurrencies and blockchain

Following US President Joe Biden’s March executive order on cryptocurrencies, the White House Office of Science and Technology Policy (OSTP) intends to release a report on cryptocurrency mining and its environmental impact in August. The report will also provide recommendations for the further development of the cryptocurrency sector.

The OSTP report will not only examine the issue of environmental impact (opinions on this matter are already divided), but also assess the possible benefits of introducing blockchain into the development system of US cities and states. There is an assumption that mining may even be useful for some states (for example, Texas is cited).

«It is likely that cryptocurrencies will become an important part of the country’s financial system, and therefore it is important to develop the sector in a responsible manner while minimizing environmental damage,» said Costa Samaras, one of the OSTP staff.

The OSTP began its work along with a group of other US federal agencies in March of this year following President Biden’s executive order. He gave the working group 180 days to implement the report.