In recent regulatory news, Dutch police have reported an increase in electricity fraud associated with crypto mining, a Michigan Republican member of the House Financial Services Committee has urged Congress to make the development of clear guidelines overseeing the cryptocurrency industry a top priority, and digital currency advocacy group, Chamber of Digital Commerce, has published a report outlining regulatory principles governing the cryptocurrency industry.
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Dutch Authorities Crack Down on Electricity Theft
The Netherlands has experienced a 20% spike in non-cannabis related electricity fraud cases – a growing number of which have been attributed to cryptocurrency mining.
Petra van der Veen, team leader of the fraud team for leading Dutch distribution network operator, Stedin, states that unexplained heat and electricity problems experienced in a neighborhood are reliable indicators of potential electricity fraud.
She recalls: “Once, we got a report from people saying their walls were strangely hot. The place next door showed all the signs of an electricity-stealing weed farm,” however, when police raided the building, it was revealed to be a “bitcoin mine” instead.
“Electricity fraud can pose dangerous situations for the neighbors,” Van der Veen adds. “That’s why detecting electricity theft is one of our priorities. We have a social obligation to help police and municipalities to nip these in the bud as soon as possible.”
Republican Advocates Lawmakers Focus on Protecting Crypto Investors
Representative Bill Huizenga, a Michigan Republican and key member of the House Financial Services Committee, has expressed his belief that developing a clear and comprehensive regulatory framework governing cryptocurrencies should be a top priority for Congress.
Mr. Huizenga described the current regulatory apparatus pertaining to initial
