{"id":11108,"date":"2023-05-19T18:20:33","date_gmt":"2023-05-19T22:20:33","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/president-bidens-crypto-mining-tax-isnt-going-to-happen-sen-lummis-says\/"},"modified":"2023-05-19T18:20:34","modified_gmt":"2023-05-19T22:20:34","slug":"president-bidens-crypto-mining-tax-isnt-going-to-happen-sen-lummis-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=11108","title":{"rendered":"President Biden\u2019s Crypto Mining Tax \u201cIsn\u2019t Going To Happen,\u201d Sen. Lummis Says"},"content":{"rendered":"<div>\n<p>US Sen. Cynthia Lummis is not a fan of President Biden\u2019s proposed 30 percent tax on cryptocurrency miners.\u00a0<\/p>\n<p>\u201cThat isn&#8217;t going to happen,\u201d the Wyoming Republican and crypto enthusiast, said on Friday at <u>Bitcoin 2023 Conference<\/u> in Miami.\u00a0<\/p>\n<p>There are environmental benefits including \u201cnot venting gases into the atmosphere as well as stabilizing grids,\u201d Lummis said.\u00a0<\/p>\n<h2>What\u2019s the tax?<\/h2>\n<p>The Biden Administration proposed what is dubbed the Digital Asset Mining Energy excise tax, or DAME, in its budget for fiscal year 2024 <u>in March<\/u>.\u00a0<\/p>\n<p>Under that proposal, firms would contend with a tax equal to 30 percent of the cost of the electricity used.\u00a0<\/p>\n<p>The tax would be implemented next year and phased in gradually over a period of three years at a rate of 10 percent a year to then reach the target 30% rate by the end of 2026, according to previous <u>cryptonews reporting<\/u>.\u00a0<\/p>\n<h2>Future legislation\u00a0<\/h2>\n<p>Lummis also spoke about her bill with Sen. Kirsten Gillibrand, D-N.Y. called the Responsible Innovation Act, introduced last year, that takes a comprehensive approach to regulating crypto.\u00a0<\/p>\n<p>Lummis said at the conference, that the bill will be reintroduced in the next month, with some changes such as adding in more consumer protections.\u00a0<\/p>\n<p>The bipartisan pair is working with House Financial Services Committee Chair Patrick T. McHenry, R-N.C., and Maxine Waters, D-Calif., on potentially breaking the bill apart into different committees to get it passed, Lummis said.\u00a0<\/p>\n<p>House Democrats and Republicans in the House Financial Services Committee seemed divided on how to regulate stablecoins during a hearing on Thursday.<\/p>\n<p>Chair McHenry, R-N.C., and former chair of that committee Rep. Waters, worked together on a bill last year, but ahead of a hearing on Thursday, two stablecoin bills had emerged.\u00a0\u00a0<\/p>\n<p>\u201cWhat we\u2019re apt to see is for the House to move a stablecoin bill first, then you\u2019ll probably see the introduction of Lummis Gillibrand in the Senate, which will remain comprehensive,\u201d Lummis said.\u00a0<\/p>\n<p>Lummis clarified when asked whether she was waiting to introduce her bill until the stablecoin bill is worked through the House.<\/p>\n<p>\u201cWe are not,\u201d Lummis said.\u00a0<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/president-bidens-crypto-mining-tax-isnt-going-happen-sen-lummis-says.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Sen. Cynthia Lummis is not a fan of President Biden\u2019s proposed 30 percent tax on cryptocurrency miners.\u00a0 \u201cThat isn&#8217;t going to happen,\u201d the Wyoming Republican and crypto enthusiast, said on Friday at Bitcoin 2023 Conference in Miami.\u00a0 There are environmental benefits including \u201cnot venting gases into the atmosphere as well as stabilizing grids,\u201d Lummis [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-11108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>President Biden\u2019s Crypto Mining Tax \u201cIsn\u2019t Going To Happen,\u201d Sen. 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