US Sen. Cynthia Lummis is not supportive of President Biden’s proposed 30 percent tax on cryptocurrency miners. The Wyoming Republican and crypto enthusiast made her stance clear on Friday at the Bitcoin 2023 Conference in Miami.
The tax, known as the Digital Asset Mining Energy excise tax (DAME), was proposed in the budget for fiscal year 2024 in March. Under the proposal, firms would be subject to 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 to reach the target 30% rate by the end of 2026.
Lummis also discussed her bill with Sen. Kirsten Gillibrand, D-N.Y. called the Responsible Innovation Act, which was introduced last year. She said at the conference that the bill will be reintroduced in the next month with some changes such as additional consumer protections. 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.
House Democrats and Republicans in the House Financial Services Committee seemed divided on how to regulate stablecoins during a hearing on Thursday. However, Lummis clarified that she and Gillibrand are not waiting to introduce their bill until the stablecoin bill is worked through the House.