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Senator Cynthia Lumis does not support a 30% tax on cryptocurrency miners proposed by President Biden.
“That will never happen,” the Wyoming Republican and crypto enthusiast said on a TV show on Friday. Bitcoin 2023 Conference in Miami.
Lumis said there are environmental benefits, such as “no gas emissions into the atmosphere and a stable power grid.”
What are the taxes?
The Biden administration has proposed something called the Digital Asset Mining Energy Excise Tax (DAME) in the 2024 budget. March.
Under the proposal, companies would fight to impose a tax equal to 30% of the electricity bills used.
Earlier reports said the tax will come into force next year and will be phased in over three years at an annual rate of 10% before reaching a target rate of 30% by the end of 2026. Cryptonews report.
future law
Lumis also spoke about the bill with Senator Kirsten Gillibrand (DN.Y). This is called the Responsible Innovation Act, which was introduced last year and takes a comprehensive approach to regulating cryptocurrencies.
Lumis said at the conference that the bill would be reintroduced next month with some changes, including adding consumer protections.
Lumis said the bipartisan men worked with House Financial Services Committee Chairman Patrick T. McHenry (RN.C., Maxine Waters, D-California) to push several bills to pass. It is said that it is considering the possibility of dividing it into a committee.
House Democrats and Republicans on the House Financial Services Committee appear to be split on how to regulate stablecoins at Thursday’s hearing.
Chairman McHenry (RN.C.) and his former chairman, Rep. Waters, helped craft the bill last year, but two stablecoin bills were floated ahead of hearings on Thursday.
“What we often see is that the House will pass the stablecoin bill first, and then Lumis Gillibrand will be introduced into the Senate, but this will continue to be overarching. I would,” Lumis said.
When asked if he was waiting for the stablecoin bill to be submitted to the House of Representatives, Lumis clarified.
“We are not,” Lumis said.