• Senator Cynthia Lummis does not think the proposed 30% excise tax on Bitcoin miners by the Biden Administration will pass through the House.
• She believes that it is important for the development and mining of this technology to stay in the US.
• The President’s Council of Economic Advisors released guidance for Congress to approve this tax, as well as rules targeting crypto wash trading and capital gains.
Cynthia Lummis Opposes Biden’s 30% Miner Tax
Senator Cynthia Lummis does not think that President Joe Biden’s proposed 30% excise tax on Bitcoin miners is likely to make it through the House. On stage at Bitcoin Miami 2023, she stated that it was important for the development and mining of this technology to stay in the United States due to national security concerns. Perianne Boring, a member of crypto advocacy group Chamber of Digital Commerce, told her that companies within their membership were worried they wouldn’t be able to operate in the US if this tax were passed; however, Senator Lummis reassured them by saying “That isn’t going to happen.“
Biden Proposes New Rules Targeting Crypto
The Biden Administration introduced its 30% excise tax on Bitcoin miners in its 2024 budget plan. The proposal also included new rules targeting crypto wash trading and capital gains. In response, the President’s Council of Economic Advisors released guidance for Congress to approve these regulations, which could have serious consequences on how cryptocurrencies are used and traded in America.
Bitcoin-Friendly Republican Supports Cryptocurrency
Senator Cynthia Lummis remains supportive of miners despite opposition to certain government regulations being proposed against them. She believes that by allowing cryptocurrency development and mining to take place in America, it can help with national security efforts as well as promote innovation within blockchain technology across industries such as finance and healthcare. The senator is known for being one of Bitcoin’s most vocal supporters among Republican politicians in Washington D.C., often referring to herself as a „Bitcoiner“.
Crypto Advocacy Group Worried About Impending Regulations
Perianne Boring from Chamber of Digital Commerce expressed concern that members within their organization would not be able to operate if these taxes were passed into law. Despite her worries, Senator Lummis said there was no need for alarm because she did not think it would happen due to its potential implications on U.S.-based businesses dealing with digital assets or blockchain technologies like Bitcoin mining.
Conclusion
Senator Cynthia Lummis is opposed to Biden’s proposed 30% miner tax but thinks renewable mining still has a future across the globe due its national security benefits and ability promote innovation throughout various industries like finance and healthcare. While certain industry members are worried about how impending regulations may affect them, she reassures them by saying “that isn’t going o happen” due its potential implications on U.S.-based businesses dealing with digital assets or blockchain technologies like Bitcoin mining