US Sen. Cynthia Lummis said in a tweet on Thursday the Biden administration is picking “winners and losers” in its proposal to tax cryptocurrency miners.
The Wyoming Republican called Biden’s proposed 30 percent tax “a blatant attempt by the administration to pick winners and losers.”
“I will not allow President Biden to tax the digital asset industry,” Lummis said.
Lummis pushed back against the tax proposal for the first time last week bitcoin 2023 conference in miami.
He told the crowd about the tax, “It ain’t gonna happen.”
Loomis also tweeted about the conference on Friday.
“America should welcome innovation and digital assets are the future of financial innovation,” Lummis tweeted.
open 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,
loading bill
Lummis, along with Democratic Sen. Kirsten Gillibrand of New York, has said the Responsible Innovation Act will be reintroduced next month with some changes, including more consumer protections.
A bill adopting a comprehensive approach to regulate crypto was introduced last year.
Lummis said in a previous conference call that the bipartisan pair is working with House Financial Services Committee Chair Patrick T. McHenry, RNC, and Maxine Waters, D-Calif. Week.
“What we are apt to see is for the House to move a stablecoin bill first, then you will probably see Lummis Gillibrand introduce it 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 after the stablecoin bill was worked its way through the House.
“We’re not,” Lummis said.
