US Sen. Cynthia Loomis is not a fan of President Biden’s proposed 30 percent tax on cryptocurrency miners.
“It’s not going to happen,” the Wyoming Republican and crypto enthusiast said on Friday. bitcoin 2023 conference in miami.
“There are environmental benefits, including keeping the gases out of the atmosphere as well as stabilizing the grid,” Lummis said.
What is tax?
The Biden administration proposed a digital asset mining energy excise tax, or DAME, in its fiscal year 2024 budget. in March,
Under that proposal, companies would oppose a tax equivalent to 30 percent of the cost of electricity used.
The tax will be implemented next year and will gradually increase at a rate of 10 percent per year over a three-year period to reach a target rate of 30 percent by the end of 2026, according to previous cryptonews reporting,
future law
Lummis also spoke about his bill with Sen. Kirsten Gillibrand, Dn.Y. Called the Responsible Innovation Act, which was introduced last year, it takes a comprehensive approach to regulating crypto.
Loomis said at the conference, that the bill would be reintroduced next month, with some changes such as adding in more consumer protections.
Lummis said the bipartisan pair is working with House Financial Services Committee Chair Patrick T. McHenry, R.N.C., and Maxine Waters, D-Calif., to potentially split the bill into different committees. breaking into separate committees for
House Democrats and Republicans on the House Financial Services Committee were divided on how to regulate stablecoins during a hearing on Thursday.
Chair McHenry, R.N.C., and former chairman of that committee Rep. Waters worked together on a bill last year, but before Thursday’s hearing, there were two stablecoin bills. emerged,
“What we’re likely to see is the House first introduce a stablecoin bill, then you’ll probably see the introduction of Lummis Gillibrand in the Senate, which will be comprehensive,” Lummis said.
Lummis clarified when asked whether she was waiting to introduce her bill until after the stablecoin bill was worked its way through the House.
“We’re not,” Lummis said.