TTP says certain US-based crypto firms provided little in return! Here are the details! On 4 August, The Tech Transparency Project (TTP) posted a report regarding certain crypto firms in the US and how they do not give back to the community.
On 4 August, TTP posted a report about the contributions of crypto firms in the US via Twitter. In the report, TTP stated many benefits the governments have given to support the crypto industry, such as tax breaks, discounted energy prices, and more. However, TTP found that crypto firms have provided little in return.
A new TTP report outlines favorable laws and tax breaks given by various state governments—stretching from Nevada and Wyoming to Kentucky—to speculative crypto projects that did not produce the promised job creation and social benefit for taxpayers. https://t.co/ZEkqyQCCa1
— Tech Transparency Project (@TTP_updates) August 4, 2022
TTP stated, “Instead, state governments [that have] acquiesced to the industry’s demands have faced budget shortfalls, surging energy consumption, and [serious] environmental damage. The jobs that crypto boosters promised rarely materialized.”
TTP revealed some examples of how crypto firms reaped exceptional benefits while failing to give back.
Here are some examples of how certain crypto firms fail to give back to the community.
In Virginia Beach, a crypto mining BCause went bankrupt after receiving a business development grant for $500,000, leaving $1.7m unpaid bills from the local power company. In 2018, when they had given the funds, the company promised to add 100 full-time jobs in Virginia. When the company filed for bankruptcy, it only added 27 full-time jobs and four part-time workers split between Virginia Beach and Chicago.
In Wyoming, the crypto industry has been doing well, and lawmakers are easing regulations and taxation to help the industry grow. However, the crypto firms there fail to deliver jobs in return. Kraken has over 280 positions globally, but only one is from Wyoming. Ripple is not offering any jobs in the state.
The report can be an evaluation for crypto firms to give more to the local community.