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Comment by nl | Hacker News Reader

Read the report: https://www.whitehouse.gov/wp-content/uploads/2022/09/09-202...

The plan isn't "banning bitcoin".

It's to consider regulation on high-energy usage crypto operations, and then "should these measures prove ineffective at reducing impacts, the Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining."

It's unclear why you think this shouldn't be the Administration's role? If it is taking a significant proportion of power across multiple states and affecting power prices and grid stability it seems like it should at least something one branch of the federal government should have an interest in.

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Which constitutional power gives the president this ability?

> Which constitutional power gives the president this ability?

Congress has delegated broad authority to the President with respect to energy, environment and financial services.

Congress has delegated the authority for the president to ban a random technology? Citation needed.

Honestly, would Congress itself even have that power?

Chevron deference which like firearms and several other things is how they attack the constitution while keeping their hands clean.

They will probably defer to the EPA, who will make a regulation based on their suggestion. This allows them to bypass congressional oversight at least until someone very rich manages to bring the case in front of the supreme court. Extremely common unfortunately.

You are aware that a government can make laws and change laws right?

And also change the constitution right?

Of course it could imply that it needa to go through certain channels but no one should assume that it literally meant 'the president will now say x and now x is the law'.

Sure, if the required supermajority wants to change the constitution, go for it.

We’re only talking about executive action because congress isn’t interested though.

The Treasury (under the executive branch) could possibly regulate crypto as a currency, but most likely this would require new legislation from congress to give the Treasury the power to do so.

https://www.pbs.org/newshour/economy/treasury-secretary-yell...

>The plan isn't "banning bitcoin".

That phrase was not in OP's post, yet you're quoting them on it and then excoriating them for saying something that they didn't. They said:

>... commonly used algorithm...

Which is exactly how coins are mined! Which makes OP correct (sort of, they said "President" and not "Congress") because your own quoted comment says:

>... Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining.

>> >The plan isn't "banning bitcoin".

> That phrase was not in OP's post, yet you're quoting them on it and then excoriating them for saying something that they didn't. They said:

It was in their post when I responded and they edited to correct it. The edit window for my post has expired though.

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