Bitcoin miners and associations came strongly against the Biden Administration’s regulatory overreach against the crypto industry by bringing a lawsuit against three United States government agencies. The move comes after the Biden Administration approved US energy agencies to collect data regarding crypto miners’ energy consumption.
Texas Blockchain Council (TBC) along with Riot Platforms files a lawsuit for declaratory and injective relief against the U.S. Department of Energy (DOE) and its Energy and Information Administration (EIA), and the U.S. Office of Management and Budget (OMB). The lawsuit is filed in U.S. District Court for the Western District of Texas on February 22.
The plaintiffs argued the EIA’s emergency collection of information from many TBC members including Riot Platforms is “unlawful.” Moreover, they claim that EIA and OMB violated the Paperwork Reduction Act and its implementing regulations. Also, the government agencies are again acting arbitrarily and capriciously similar to the SEC by violating the Administrative Procedure Act.
“This is a case about sloppy government process, contrived and self-inflicted urgency, and invasive government data collection,” the filing reads.
Mines and TBC seek temporary restraining order and preliminary injunction prohibiting the US DOE and EIA from collecting data from identified commercial cryptocurrency miners. Also, vacating the OMB’s approval for data collection and prohibiting defendants from collecting any data without notice and comment.
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The Office of Management and Budget (OMB) approved an emergency request from the EIA for full energy usage data from 82 Bitcoin mining operations. OMB approved the request two days after receiving it from EIA on January 26, without proper notice and a comment period for miners.
House Majority Whip Tom Emmer has come out in support of the crypto industry and openly criticizing the Biden administration for this crackdown against Bitcoin mining and the crypto industry. He highlighted the abuse of power by the administration.
Recently, Texas-based crypto firm Lejilex and the Crypto Freedom Alliance of Texas (CFAT) filed lawsuit against the U.S. Securities and Exchange Commission (SEC) for regulatory overreach.
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