White House Put Distributed Ledger Technology on Boosting Priority List

Key Points:

• The White House has revised its list of emerging technology sectors to keep an eye on.
• The plan is intended to fortify both the United States’ basis for protecting American customers’ technology and the United States’ leadership in worldwide standards creation.

Cryptocurrencies have been included in the White House’s newest list of emerging technologies. The Biden team mentioned certain fields of science and technology that will “prioritize” the establishment of standards in the most recent national security standards report.

In a statement issued Thursday, the White House said that the plan intends to boost technology for consumer protection as well as U.S. leadership and competitiveness in worldwide standard-setting. According to the statement, universal standards guarantee that technology stays consistent in terms of security.

According to the paper, the federal government would prioritize digital identity infrastructure and distributed ledger technologies, which are having an expanding influence on a variety of vital economic sectors. Biotechnology, artificial intelligence, and semiconductors are also on the list.

The White House Council of Economic Advisers (CEA) announced a Digital Asset Mining Excise (DAME) on cryptocurrency mining companies on Tuesday. The CEA said that if enacted, it would levy a 30% tax on miners’ power expenses to cover economic and environmental consequences. The idea has riled the sector.

Although other energy-intensive enterprises would not be subject to the new levy, the CEA claims that crypto mining does not produce the same local and national economic advantages as firms that use comparable quantities of power.

Apart from environmental issues, the government claims that digital asset mining has a disproportionate effect on communities of color due to pollution and pushes up renewable energy prices.

Riot Platforms, Marathon Digital, Cipher Mining, Greenidge Generation, BitDeer, and CleanSpark are among the major mining companies in the United States. According to Bitcoin mining outfit Riot, the tax would relegate the United States to leader place in the crypto industry.

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Harold

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