Texas Blockchain Council and Riot Platforms Secures a Huge Win Against the U.S.
Last Friday the U.S. District Court for the Western District of Texas issued a Temporary Restraining Order (TRO) against three major Federal Government players. A few weeks ago it came out that the U.S. Government wanted to look into Bitcoin mining energy consumption and so three government entities, the Department of Energy (DOE), the Energy Information Administration (EIA), and the Office of Management and Budget (OMB), tried to move quickly to do just that. Luckily for Bitcoin miners across the nation, the way that the government tried to rush this has failed.
In issuing the TRO the Judge highlighted the issues with how the survey the government wanted miners to complete was presented and how in particular the EIA misused its authority to have the energy survey approved. When the EIA sent out this survey they failed to do much beyond send it and say do this and do this now. There was no timetable to complete it and contrary to common government practices no compensation for the completion of this extra work. EIA has tried to say that the survey only takes 30 minutes to complete but Riot Platforms came with receipts showing the cost of compliance had already gone over 40 hours and the survey still was not done.
The result of a TRO is the first step in what I think will be a legal battle and is being done to maintain the status quo for right now. It is safe to assume that the government is going to appeal or try another move to get around the TRO but for now, until it expires on March 25 (it lasts 4 weeks) the EIA is not allowed to require miners to respond to the survey and if any miners have responded to it the EIA is not allowed to share any data that has been collected.
This was the first step of the fight against the survey and on Wednesday, February 28, the Court has scheduled another hearing. During this, the Court will hear from both sides and consider issuing a preliminary injunction against the survey and the actions that the agencies and Department have taken. If granted, and based on the Court's response in the TRO about the Texas Blockchain Council and Riot likely to win in Court, the survey would be completely sidelined as it currently stands. Yes, the Administration could try to pursue it again but for one it would have to follow the law that has been the initial basis of the TRO, and two they would likely run into issues of causing undue burden to companies with new regulations.
Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
BlazeStake
Have SOL you want an easy place stake and also be eligible for upcoming airdrops? Use my referral link here and join the protocol to be able to claim your portion of upcoming airdrops!
Stacker News
Earn Sats on your posts on Stacker News with my referral link here!
Fold App
Offers daily wheel spins to win free sats daily! If you sign up for Fold with my link here you will get 20,000 sats for free!
Robinhood
Robinhood is offering an excellent signup deal if you use my link here where we will both be awarded free stock. All that you have to do is sign up and connect your bank account for the award! With commission-free crypto trading and the ability to set limit orders, it is a great hybrid offering in my opinion! Not to forget the addition of wallets and the ability to send and receive crypto!
