I think it’s an excuse, a campaign issue slogan. They have reason to fear Crypto as a disruptor, competitor.
Energy hog, Fossil Fuels, Climate Change .....
Just reach inside the grab bag of political labeling and throw it at them until a muddy mess is made.
No, this has been going on for a while online - Biden might be co-opting it, but the online leftists are legitimately screaming about how much electricity that crypto and blockchain (*especially* blockchain) are going to take and how it will affect women/minorities/the poor/the LGBTQOMGWTFBBQ/whoever is the designated victim group this week the most. Specifically, they throw that accusation at sites they don’t like; it’s a big issue with regards to comics, boardgames and other media crowdfunding and has been for the past few years.