The submissions of public feedback from over 30 blockchain-based organizations, led by the Blockchain Infrastructure Carbon Offset Working Group (BICOWG), marks the primary time the burgeoning “Regenerative Finance” (ReFi) business has engaged immediately within the federal policymaking course of
SAN FRANCISCO, Could 09, 2022 (GLOBE NEWSWIRE) — As we speak, in response to the White Home Workplace of Science and Know-how Coverage’s (OSTP) Request for Information on the Energy and Climate Implications of Digital Assets, the Blockchain Infrastructure Carbon Offset Working Group together with over 30 tasks leveraging blockchain know-how for local weather influence have independently and collectively submitted public feedback for consideration by the OSTP. The submissions sign the doorway of the quickly scaling ReFi business into federal coverage discussions round future regulatory frameworks for digital belongings and blockchain know-how.
Led by the Blockchain Infrastructure Carbon Offset Working Group (BICOWG), whose membership contains cutting-edge ReFi tasks like KlimaDAO, Offsetra, and Regen Network, in addition to representatives from the biggest blockchain infrastructure service suppliers like F2Pool for Bitcoin mining swimming pools and stakefish of proof-of-stake validators, the business right now offered its formal response to the OSTP’s request for info together with President Biden’s Executive Order on Ensuring Responsible Development of Digital Assets. Key suggestions made by the business embrace:
BICOWG’s 5 Suggestions
Suggestion 1: Settle for skilled advisory and due diligence blockchain options being adopted for carbon markets to make sure acceptable verification, governance, and transparency.
Suggestion 2. Regulate in favor of mechanistically resilient methodologies supplied by on-chain options that may fulfill the wants of enhancing right now’s conventional carbon markets.
Suggestion 3: Permit Web3 instruments to assist carbon registries decrease the price of auditing claims to as near zero as doable and de-incentivize opaque auditing processes.
Suggestion 4: Assist integration between current standards-setting our bodies and Web3 applied sciences by way of the articulation of their requirements to be adopted within the Web3 ecosystem. These can embrace the administration of cryptographic keys and oversight of the composable protocols that work together with one another in a setting of composable blockchain functions within the local weather ecosystem.
Suggestion 5: Assist the Web3 carbon bridge sector in its process to extend the transparency and integrity of carbon accounting programs, difficult carbon registries.
Daniel Hwang, from BICOWG, mentioned, “The local weather crypto ecosystem of operators throughout the tokenized carbon market have understood the tasks for addressing the local weather impacts of blockchain and have made vital revolutionary strides in local weather influence financing and novel climate-neutral merchandise”
The BICOWG is extending an invite to officers and organizations for a complete dialogue round knowledge factors and use-cases on the intersection of digital belongings, local weather change, and blockchain know-how.
“Blockchain know-how brings unparalleled transparency, accessibility, and performance to the carbon markets. Within the final 6 months, greater than $2B USD price of carbon belongings has been traded on the blockchain. Within the course of, the market has established clear pricing and deep liquidity for carbon belongings enabling new funding into environmental tasks that generate actual motion towards the combat towards local weather change,” mentioned Sy Zygy, product lead at KlimaDAO. Stated Sy Zygy, Co-founder of KlimaDAO.
The BICOWG believes that organizations utilizing Web3 instruments to finance local weather change reversal are uniquely positioned to help regulators in figuring out how one can obtain the targets set forth by the Biden Administration.
For added info, please contact Natacha Rousseau at BICOWG’s Press Workplace.
Blockchain Infrastructure Carbon Offset Working Group
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