“US Senator Cynthia Lummis: Biden’s Proposed Crypto Mining Tax ‘Won’t Happen'”

Siamblockchain – Watching US Senator Cynthia Lummis disagrees with the 30% tax on cryptocurrency miners. proposed by President Joe Biden. “This tax will not happen,” Lummis said Friday at the Bitcoin 2023 Conference in Miami. Electricity is also stable.” What is this tax? The Biden administration proposed what it calls the Digital Asset Mining Energy Excise Tax, or DAME, in its 2024 budget in March. Under the proposal, companies that mine crypto will have to pay a tax equal to 30 percent of their electricity bill. The tax will begin being introduced next year and will gradually increase by 10% annually to meet the target figure of 30% in 2026, according to Cryptonews. On this Future Legislation page, Lummis also discussed her bill with US Senator Kirsten Gillibrand on the DN.Y. digital asset bill that was proposed last year. This can be used as a comprehensive guideline for crypto regulation. Lummis also said that the bill will be proposed again next month.

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