{"id":14450,"date":"2023-05-27T00:35:14","date_gmt":"2023-05-27T04:35:14","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/us-sen-lummis-says-president-biden-is-picking-winners-and-losers-with-proposed-crypto-mining-tax\/"},"modified":"2023-05-27T00:35:17","modified_gmt":"2023-05-27T04:35:17","slug":"us-sen-lummis-says-president-biden-is-picking-winners-and-losers-with-proposed-crypto-mining-tax","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14450","title":{"rendered":"US Sen. Lummis Says President Biden Is Picking \u2018Winners and Losers\u2019 With Proposed Crypto Mining Tax"},"content":{"rendered":"
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The Biden administration is picking \u201cwinners and losers\u201d in a proposal to tax cryptocurrency miners, US Sen. Cynthia Lummis said in a tweet on Thursday.\u00a0<\/p>\n

The Wyoming Republican called Biden\u2019s proposed 30 percent tax a \u201cblatant attempt by the administration to pick winners and losers.\u201d<\/p>\n

\u201cI will not let President Biden tax the digital asset industry out of existence,\u201d Lummis said.\u00a0<\/p>\n

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Lummis first pushed back against the tax proposal last week at the Bitcoin 2023 conference<\/u> in Miami.<\/p>\n

\u00a0She said to the crowd about the tax,\u201d that isn\u2019t going to happen.\u201d<\/p>\n

Lummis also tweeted on Friday about the conference.<\/p>\n

\u201cAmerica must welcome innovation and digital assets are the future of financial innovation,\u201d Lummis tweeted.\u00a0<\/p>\n

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Unpacking the tax\u00a0<\/h2>\n

The Biden Administration proposed what is dubbed the Digital Asset Mining Energy excise tax, or DAME, in its budget for fiscal year 2024 in March<\/u>.\u00a0<\/p>\n

Under that proposal, firms would contend with a tax equal to 30 percent of the cost of the electricity used.\u00a0<\/p>\n

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 cryptonews reporting<\/u>.\u00a0<\/p>\n

Bill loading\u00a0<\/h2>\n

Lummis along with Democratic Sen. Kirsten Gillibrand of New York, has said the Responsible Innovation Act will be reintroduced in the next month, with some changes including adding in more customer protections.\u00a0<\/p>\n

The bill, which takes a comprehensive approach to regulating crypto, was introduced last year.\u00a0<\/p>\n

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 at the conference last week.\u00a0<\/p>\n

\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 at the bitcoin conference.\u00a0<\/p>\n

Lummis clarified when asked whether she was waiting to introduce her bill until the stablecoin bill is worked through the House.<\/p>\n

\u201cWe are not,\u201d Lummis said.\u00a0<\/p>\n<\/p><\/div>\n