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HRES238

Is The Bill "Expressing the sense of the House of Representatives regarding the importance of Proof-of-Work mining, used for certain cryptocurrencies such as Bitcoin, to the United States ability to achieve its energy goals and grow its economy." Crypto Friendly?

Description:

This resolution expresses the House of Representatives' view that Proof-of-Work (PoW) mining, such as that used by Bitcoin, is crucial for the United States to achieve its energy goals and grow its economy. It asserts that PoW mining ensures blockchain network trust, utilizes excess energy, contributes to grid stability, and can reduce methane emissions. The resolution also contrasts this with China's adoption of a CBDC and emphasizes the need for congressional authority for any US CBDC, advocating for investment in the digital asset industry for job growth and innovation.

Date Introduced:

2023-03-21

Status:

Introduced and Sponsored

Stance on Crypto:

Very Pro-Crypto

Links:

  • https://www.congress.gov/118/bills/hres238/BILLS-118hres238ih.pdf
  • https://www.congress.gov/bill/118th-congress/house-resolution/238
  • https://www.govtrack.us/congress/bills/118/hres238

Primary Commentary:
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This bill is unequivocally pro-crypto, particularly in its strong defense and promotion of Proof-of-Work mining, which is foundational to Bitcoin. It directly counters common anti-crypto narratives regarding energy consumption, instead framing PoW mining as a net positive for energy stability, renewable energy integration, and even methane reduction. This aligns perfectly with the analyst's view that Bitcoin mining is not environmentally harmful and can encourage renewable energy. The resolution also connects PoW mining to US economic growth, job creation, and national security, providing strong positive messaging for the industry. Furthermore, its explicit assertion that the Federal Reserve requires congressional authority to issue a CBDC, and its contrasting of this with China's CBDC adoption, is a clear anti-CBDC stance, which the analyst views as pro-humanity. The call for investment in the digital asset industry further reinforces its pro-crypto nature.

Congress members who support this bill

Sponsors

Profile picture of Pete Sessions
Pete Sessions

Additional Commentary

No additional commentary for this bill yet