/cdn.vox-cdn.com/uploads/chorus_asset/file/24219859/GettyImages_1338902668.jpg "1 Big Topic: Insights into Crypto Energy's Lobbying Work")
Bitcoin and blockchain proponents say they are gaining political capital on Capitol Hill ahead of a possible federal crackdown on bitcoin mining and energy use.
Why it matters: The team is finding allies on both sides of the crypto corridor, but that may not be enough to get us through the political waters caused by the FTX exchange debacle.
Quick update: The Department of Energy first confirmed to Axios that it is preparing to collect energy data from the crypto mining industry so they can better inform policymakers and the public about their climate impact.
- It was one of several steps the White House recommended to regulators last year. It's unclear if others will demonstrate soon.
The latest: One influential group that helped the industry overtake Team Biden is the Satoshi Action Fund, a bitcoin advocacy nonprofit co-founded by Mandy Gunasekara, former Trump EPA chief of staff.
- Dennis Porter, CEO of Satoshi, attended the convention last month to update Hill staff on the cryptocurrency and its power consumption portfolio.
- The briefing was held in the Senate Finance Committee hearing room. Porter told Axios The group also met with Chairman Ron Wyden, who is seen as an ally after his push to clarify crypto-centric language in bipartisan infrastructure bills.
- While in D.C., Porter said his band encountered the senses. Ted Cruz and Cynthia Loomis meet with House Majority Leader Tom Emmer and House Vice President Financial Services Staffers French Hill.
- Satoshi was effectively outside the Beltway, lobbying state legislatures to push through "mining rights" bills that would protect crypto miners from "power tariff discrimination."
Satoshi's work has been advocating for years for the Chamber of Digital Commerce, a trade group whose membership includes many US crypto companies.
- They have taught Hill offices about energy use and cryptography for years and have been cited by lawmakers as key players in corporate energy efficiency training.
Between the lines: Porter says his group's goal is "how Bitcoin can positively impact the network and the economy."
- Environmentalists and some Democrats object to the sheer power draw of bitcoin mining, which often requires running multiple large computers at the same time.
- In contrast, Satoshi argues that cryptomining is one A tool for climate and energy resilience: Bitcoin can help make renewable energy deployment more affordable, and miners can combat methane pollution by harvesting energy from flaring gas.
Reality check: Industry is trying to self-regulate and collect data without federal intervention, but climate activists don't believe what they're doing.
- Digital Cameras' Tom Mapes said he is "in a strategic dialogue with DOE's data efforts about how to strike the right balance."
- "We don't want to be unfairly singled out because our industry simply buys electricity from the grid, as do data centers and electric vehicle charging stations," Mapes said.
- However, Blockchain Association CEO Christine Smith said that "depending on how it's structured," the data the DOE collects "could tell a really good story" for the industry because so many miners rely on it today. Renewable energy.
- "Data collection is good," Smith said. "Data tracking is not something we fear."
What's next: The upcoming data collection is a relatively small part of a larger regulatory battle that could involve new financial regulations.
- The White House also recommended that agencies begin developing crypto-centric "environmental performance standards" and grid reliability ratings.