Clean Cloud Act of 2025

What happened: On November 20, 2025, Rep. Cohen (D-TN) introduced HR6179, the Clean Cloud Act of 2025, in the House. It was referred to the Committee on Energy and Commerce. An identical companion bill (S1475) exists in the Senate. The bill is in early legislative stage — only 3 actions all on the same day (introduced, referred, cataloged) — indicating no committee hearings or markups have occurred. However, the existence of a companion bill increases the probability of eventual passage compared to a standalone House bill. The money trail: The bill does NOT authorize or appropriate any spending. It establishes a fee system on electricity consumption of covered facilities, with fees deposited into the Treasury. The CRS summary notes fees would be 'appropriated' for zero-carbon generation, storage, and residential consumer relief — but this is contingent on future appropriations bills. The operational mechanism is a punitive regulatory cost, not a spending program. The funding amount in this analysis is $0 because the bill creates a fee system, not an authorization of appropriations. Structural winners and losers: Crypto miners are the clearest losers — their primary business (proof-of-work mining) is the most energy-intensive computing activity. The bill explicitly targets them in its findings (Section 2). Data center REITs face increased operating costs but have more margin flexibility and demand-inelastic customers (enterprise/hyperscaler demand for cloud). The real winner from a regulatory standpoint is the zero-carbon electricity generation sector — the bill's findings and structure create economic incentives to shift data center load to clean energy. However, the presidential actions from April 20, 2026, including DPA invocations for grid infrastructure, natural gas, and coal supply chains, present a CONFLICT with the bill's implicit push toward zero-carbon electricity. The Executive Branch is simultaneously accelerating fossil fuel infrastructure (LNG, coal baseload, petroleum refining) while Congress proposes penalizing energy-intensive consumption based on carbon intensity. This policy tension creates significant uncertainty for market participants — the regulatory direction depends on which branch prevails. Market data: As of April 28-29, 2026, crypto mining equities are under pressure. $MARA at $11.02 (-6.93% 7-day), $RIOT at $16.57 (-10.34% 7-day), $HUT at $72.11 (-10.69% 7-day), $CLSK at $11.79 (-3.44% 7-day), at $1.98 (-4.93% 7-day). All five miners had strong 30-day gains (+29% to +52%) that are being partially reversed as the market digests this new legislative overhang. $BITF's drop from $3.29 on April 24 to $1.98 on April 28 (a 40% decline in 4 trading days) is the most dramatic. $SMCI at $27.25 is near its 52-week low, down 6.61% in 7 days. The data center REITs ($EQIX, $DLR) are not in the provided dataset, so their specific price movements cannot be cited. Timeline: The bill is in early stage — referred to committee, no hearings scheduled. It has 1 sponsor (Rep. Cohen) and 9 cosponsors, all Democrats. In the 119th Congress (2025-2027) with a Republican-controlled House (assuming standard dynamics), this bill faces a significant uphill path to passage. The companion bill in the Senate (S1475) also has not advanced past referral. Realistic path: at best, hearings in 2026 with markup unlikely before the November 2026 midterm elections. However, the bill's existence already influences market sentiment and could be included as part of a future energy package if the political balance shifts.