Sen. Cynthia Lummis refuses to speak on Bitcoin tax

Sen. Cynthia Lummis refuses to speak on Bitcoin tax

Sen. Cynthia Lummis, R-Wyo., speaking at a hearing on Friday, said she would not be able to speak on the issue. Biden has said she is opposed to President Joe Biden's proposed 30% excise tax on Bitcoin.

On Thursday, Lummis said the tax is a blatant attempt by the administration to pick winners and losers, adding that she will not let President Biden tax the digital asset industry out of existence. On May 19, Lummis argued at the Bitcoin 2023 conference in Miami that the proposed excise tax was misguided and would serve only to harm the burgeoning cryptocurrency industry. In advocating for the creation of a regulatory environment that fosters innovation, she emphasized the importance of creating a regulatory environment that supports innovation rather than stifles it.

Miners can mine anywhere, Lummis said, adding that opportunities exist worldwide. Wyoming has been proactive in attracting Bitcoin miners, thanks to its favorable tax policies and blockchain legislation, she said.

The Biden administration's proposal for a 30% excise tax on cryptocurrency mining in the United States has angered critics of the industry.

The White House released a report in early May describing the potential effects of the tax, which it argued would benefit American communities and the environment.

BTC was trading at $26,447 at the time of writing, up 0.94% in the last 24 hours, according to Benzinga Pro.