Lancium, Inc., an energy technology and infrastructure company that advances the decarbonization and stability of the electric power grid, today released the following statement regarding the introduction of The Responsible Financial Innovation Act.
Michael McNamara, co-founder and Chief Executive Officer stated:
“We applaud Senators Lummis and Gillibrand’s work to develop a thoughtful, comprehensive bi-partisan framework that protects consumers and provides regulatory certainty for the cryptocurrency industry. Because many of our customers are Bitcoin miners, we strongly support efforts that help cement America’s leadership and the competitiveness of this industry going forward.
“Outside of research and development we do not own Bitcoin mining computers, but we believe the health of the mining industry is an important part of accelerating the energy transition. Because Bitcoin miners and other computing applications can be ramped up and down based on power grid conditions, they are uniquely positioned to help incorporate even more renewables into the power mix while also stabilizing the grid. In fact, we’ve shown when large data centers can be operated in a flexible manner, it encourages the development of even more renewable generation.
“While the legislation itself is focused on cryptocurrency, we believe its positive impact will be much broader. We look forward to constructively engaging with the Members of Congress and other stakeholders as the legislative process moves forward.”