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Nascent Cryptocurrency Industry Subject to Potential Legislative, Regulatory Whiplash

12/28/2022

 
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The Brookings Institute prepared a synopsis of the “competing priorities facing U.S. Crypto regulations” in the coming years. The commentary prepared by Brookings accurately reflects the Biden administration’s attitude towards cryptocurrency right now: “to both support development of cryptocurrencies and to restrict their illegal uses”.
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However, a laissez-faire attitude towards regulation today may make the industry much more difficult to meaningfully regulate even three or four years from now. And it means more uncertainty in the near future for cryptocurrency holders. Administrative agencies, the Executive branch, the Legislative branch and even the Courts have had relatively little to say about cryptocurrency in the previous decade. Seeing federal and state legislatures taking the first stabs at regulating “PoW” vs. “PoS” consensus models indicate all of these different governing bodies will seek to exert more influence over this growing sector.


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JCN, LLC, d/b/a “PODMines” is an Illinois based LLC offering a subscription service suite of amenities for cryptocurrency and digital currency miners located at several properties in the Midwestern United States. Those amenities include: physical space within an exterior or interior mining pod, ambient air flow, electricity, bandwidth, 24x7 camera monitoring / key card access, and helping hands during normal business hours. PODMines expressly denies and disclaims making any representations, warranties, promises, and/or assurances of any kind regarding its subscription service to the customer other than those expressly contained within the service order and the accompanying terms and conditions of service. PODMines is not a security, or a security dealer. PODMines customers own their own mining equipment, and 100% of their subsequent mining rewards. PODMines customers may cancel their service at any time, subject to the terms and conditions of service. PODMines is not in control of, and has no influence over, the price of any digital or cryptocurrency. Cryptocurrency assets sometimes experience extreme market volatility, and anyone interested in gaining exposure to this asset class should discuss the potential risks and benefits of investing in cryptocurrency mining with any legal, investment, or other professional consultants prior to gaining exposure to this new class of assets. PODMines is not directly responsible for the day to day price of Bitcoin, or any other cryptocurrency or digital currency. PODMines customers assume all risks and liabilities inherent in mining for cryptocurrency or digital currency.
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