BusinessPostCorner.com
No Result
View All Result
Sunday, July 6, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

US Sen. Lummis Says President Biden Is Picking ‘Winners and Losers’ With Proposed Crypto Mining Tax

May 26, 2023
in Crypto News
Reading Time: 2 mins read
A A
0
US Sen. Lummis Says President Biden Is Picking ‘Winners and Losers’ With Proposed Crypto Mining Tax
ShareShareShareShareShare
Source: Sen. Cynthia Lummis’ website

The Biden administration is picking “winners and losers” in a proposal to tax cryptocurrency miners, US Sen. Cynthia Lummis said in a tweet on Thursday. 

The Wyoming Republican called Biden’s proposed 30 percent tax a “blatant attempt by the administration to pick winners and losers.”

“I will not let President Biden tax the digital asset industry out of existence,” Lummis said. 

Lummis first pushed back against the tax proposal last week at the Bitcoin 2023 conference in Miami.

 She said to the crowd about the tax,” that isn’t going to happen.”

Lummis also tweeted on Friday about the conference.

“America must welcome innovation and digital assets are the future of financial innovation,” Lummis tweeted. 

Unpacking the tax 

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. 

Under that proposal, firms would contend with a tax equal to 30 percent of the cost of the electricity used. 

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. 

Bill loading 

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. 

The bill, which takes a comprehensive approach to regulating crypto, was introduced last year. 

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. 

“What we’re apt to see is for the House to move a stablecoin bill first, then you’ll probably see the introduction of Lummis Gillibrand in the Senate, which will remain comprehensive,” Lummis said at the bitcoin conference. 

Lummis clarified when asked whether she was waiting to introduce her bill until the stablecoin bill is worked through the House.

“We are not,” Lummis said. 


Credit: Source link

ShareTweetSendPinShare
Previous Post

JPMorgan allowed to access Epstein accuser’s statements to prosecutors

Next Post

Best Crypto to Buy Now 26 May – AGIX, AXS, AI, ECOTERRA, OKB, YPRED, HT

Next Post
Best Crypto to Buy Now 26 May – AGIX, AXS, AI, ECOTERRA, OKB, YPRED, HT

Best Crypto to Buy Now 26 May – AGIX, AXS, AI, ECOTERRA, OKB, YPRED, HT

Tether Targets South America’s Surplus Power for Low-Carbon Bitcoin Mining – But Will Volatility Bite?

Tether Targets South America’s Surplus Power for Low-Carbon Bitcoin Mining – But Will Volatility Bite?

July 3, 2025
Fall in number of NI people struggling to make payments

Fall in number of NI people struggling to make payments

July 1, 2025
‘Food demand in Cumbria is unprecedented’

‘Food demand in Cumbria is unprecedented’

July 5, 2025
Bill releases AR solution for suppliers

Bill releases AR solution for suppliers

June 30, 2025
UHY adds Flynn & Company in Ohio

UHY adds Flynn & Company in Ohio

July 1, 2025
Nvidia executives cash out bn worth of shares

Nvidia executives cash out $1bn worth of shares

June 29, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Lifetime ISAs: Why they divide opinion

Lifetime ISAs: Why they divide opinion

July 5, 2025
Israel to join ceasefire talks despite ‘unacceptable’ response from Hamas

Israel to join ceasefire talks despite ‘unacceptable’ response from Hamas

July 5, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!