Executive Order On Ensuring Responsible Development Of Digital Assets: The Intersection Of Climate Change And Cryptocurrencies

On March 9, 2022, President Biden issued an Executive Order on Ensuring Responsible Development of Digital Assets (the "Executive Order") that sets in motion a "whole-of-government" strategy to address the impacts of the rise of digital assets—including cryptocurrencies—on consumers, the economy, national security, and climate change.¹ In so doing, the Executive Order reiterated that "digital mines" create tangible climate risk.

In this climate change update, we examine (1) the potential climate risks caused by the proliferation of digital assets, (2) the Executive Order's directives concerning the interplay between digital assets and climate change, and (3) current initiatives to be evaluated under the Executive Order.