In a significant development, a government survey aimed at gathering data on cryptocurrency mining companies’ electricity usage has been halted, as parties involved in a lawsuit reached an agreement. The Department of Energy had faced legal action in a Texas court following the announcement by the Energy Information Administration (EIA) of its intention to survey crypto mining firms in response to an “emergency collection of data request.”
The Texas Blockchain Council and bitcoin mining company Riot Platforms filed a lawsuit against the Department of Energy, citing concerns about the survey’s validity and its impact on the industry. They characterized the survey as a product of “sloppy government process.”
In a court document filed on Friday, it was revealed that the parties involved in the lawsuit had reached an agreement. As per the terms of the agreement, the EIA is required to destroy any information it had already obtained and withdraw the survey. Additionally, the EIA will issue a new notice regarding the survey, allowing for public comments.
In response to inquiries, the EIA expressed its intention to collaborate with crypto mining companies in the future to provide transparent information about energy usage from cryptocurrency mining operations in the United States. The agency emphasized its commitment to ensuring clarity and understanding, similar to its approach with other industries.
The Texas Blockchain Council and Riot Platforms welcomed the conclusion of the emergency survey in a joint statement released on Friday. TCE President Lee Bratcher stated, “The administration engaged in a targeted misuse of government emergency authority to attack a legitimate industry for political purposes. The government demanding—and promising to publish—sensitive business information, in the face of criminal penalties, is a threat to free enterprise everywhere. We are glad to now have an enforceable order that prevents them from doing so.”
This resolution marks a positive step towards fostering collaboration and transparency between regulatory agencies and the cryptocurrency industry, ensuring a fair and equitable regulatory environment for all stakeholders.