Bitcoin-friendly Republican Senator Cynthia Lummis doesn’t think the Biden Administration’s proposed 30% excise tax on Bitcoin miners isn’t likely to make it through the House.
On stage at Bitcoin Miami 2023, the politician remained supportive of miners, and believes the industry’s proliferation throughout the United States is a matter of national security.
Mining: Dirty or Clean?
During the interview, Lummis spoke about the excise tax with Perianne Boring, a member of the crypto advocacy group Chamber of Digital Commerce.
Boring explained that companies within their membership, which represent 50% of Bitcoin’s hashrate, were “incredibly concerned” that they wouldn’t be able to operate in the United States if the tax were passed.
Lummis responded with reassurance for Bitcoiners.
“That isn’t going to happen,” she said. “It’s absolutely important that the development of this technology, as well as Bitcoin mining itself, to occur in the United States.”
Biden’s excise tax was quietly introduced in his 2024 budget plan, which also included new rules targeting crypto wash trading and capital gains. Earlier this month, the President’s Council of Economic Advisors released guidance for Congress to approve the tax, to face consequences for causing “local environmental pollution,” and “higher energy prices.”
Contrary to their claims, Lummis believes Bitcoin mining is a net boon for the environment and energy grids, rather than a harm. In her home state of Wyoming, she explained that miners are already being used as an economic alternative for venting waste methane from oil and gas wells, preventing the methane gas from being flared into
Go to Source to See Full Article
Author: Andrew Throuvalas